MetaQuotes Takes Action: True Forex Funds’ License Revoked
Unexpected Turn of Events
In a twist of fate, MetaQuotes, the brains behind the widely-used MetaTrader trading platform series, has made a bold move by revoking the licenses of True Forex Funds, effectively putting a halt to the company’s operations.
The License Reversal Unveiled
The decision to pull the plug on True Forex Funds’ licenses traces back to the company’s utilization of a third-party service for equity synchronization among its traders’ accounts. MetaQuotes contends that this practice falls short of its stringent regulatory benchmarks.
Behind the Scenes
Since as far back as 2021, True Forex Funds had been relying on a third-party provider to ensure equity synchronization across its traders’ portfolios. Surprisingly, MetaQuotes had not raised any objections to this practice until now. However, in a sudden turn of events, MetaQuotes decided to pull the plug on True Forex Funds’ licenses, citing non-compliance with its operational standards.
CEO’s Response
Richard Nagy, the Chief Executive Officer of True Forex Funds, has vowed to confront this setback head-on. The company is actively exploring avenues to resume its services, which includes engaging in discussions with MetaQuotes to reclaim the revoked licenses. In case negotiations fail, the company has devised a contingency plan to transfer trading accounts to an alternative brokerage.
Implications and Future Prospects
True Forex Funds has extended its sincere apologies to its clientele for the inconvenience caused by these unforeseen circumstances. Traders are advised to close their positions before the market’s closure to avoid complications associated with transferring open positions to a new broker, such as potential disparities in trading symbols. The company has reassured its customers that all pending payments will be settled once the platform resumes operations. Despite the current challenges, True Forex Funds remains steadfast in its commitment to finding a resolution and resuming its trading activities at the earliest opportunity.
