Dubai-Based Prop Firm Funded Engineer Shuts Down Amid Financial Struggles

In an announcement made today, Dubai-based prop trading firm Funded Engineer has declared its permanent closure, effective immediately. The firm, known for providing funded trading accounts to retail traders, cited insurmountable financial challenges as the primary reason for ceasing operations.

Despite significant efforts to stabilize its financial situation, including strategic restructuring, cost-cutting measures, and seeking additional investment, Funded Engineer was unable to secure the necessary resources to continue its operations. As a result, the company will be filing for bankruptcy.

Funded Engineer faced considerable difficulties earlier this year when its technology supplier, FPFX, terminated its license due to an alleged fraud scheme. This event marked the beginning of a series of setbacks for the firm. Subsequently, the firm was suspended by the prop firm comparison site Propfirmmatch, following reports that funded accounts at Funded Engineer had been compromised.

The firm's website has been taken down and replaced with an "Announcement of Ceasing Operations" notice, which acknowledges the significant impact the closure will have on clients, partners, and employees. Funded Engineer has expressed its commitment to managing the bankruptcy process smoothly and working closely with legal and financial advisors to address outstanding matters.

In the announcement, Funded Engineer expressed deep regret for the inconvenience caused and thanked its clients and partners for their trust and support throughout the company's operations.

Earlier this month, Fazzaco covered that Stocknet Institute (SIWorld) had announced its decision to cease operations in prop trading​.