MyFundedFutures (MFFU), a fintech company focused on futures
evaluation and proprietary trading, has announced the full adoption of
ComplianceAlpha. ComplianceAlpha is a regulatory compliance platform developed
by ACA Group.
Last year, MFFU
suspended its operations in 21 countries due to regulatory concerns. The
decision to implement ComplianceAlpha appears to be a response to ongoing
regulatory scrutiny. According to the company, it aims to improve transparency
and compliance across its operations.
ComplianceAlpha adopted for regulatory compliance
“Traders suffer when firms treat compliance as an
afterthought. We treat governance as a foundational pillar,” said Philip
Fried, Regulatory Compliance Manager at MFFU.
The new compliance system includes measures for trader
safety, market abuse surveillance, communication monitoring, centralized policy
management, and staff training. These controls will be applied to both MFFU,
which manages trader evaluations, and Nortex Capital Partners, its sister
company responsible for live proprietary trading.
MFFX Enables MT5 Migration for Traders
MFFX, which is part of MFFU, recently
announced plans to allow non-U.S. traders to return to the MetaTrader 5
(MT5) platform through the newly established brokerage Seacrest Markets. The
voluntary migration opened immediately, with the platform transition scheduled
for January 24, 2025.
Traders must close all positions and cancel pending
orders before migrating, as open trades during the switch will be closed at
market prices without compensation.
Previously, MFFX had moved clients away from MT5 due to
regulatory and platform issues involving MetaQuotes. Seacrest Markets, licensed
by South Africa’s FSCA since September 2023, will provide MT5 access. The
broker is new and currently offers demo accounts for testing.
This article was written by Tareq Sikder at www.financemagnates.com.
Source link