Affiliates
of Matthew Leech’s prop firm MyFundedFutures (MFF) who haven’t generated a
sufficient number of “individual purchases” will be removed from the
program at the end of this month. This information was communicated to users
via email and confirmed by moderators on the company’s official Discord server.
MyFundedFutures
“Unable to Monitor Smaller Affiliates”
MyFundedFutures
is part of the popular prop trading company MyFundedFX. However, unlike the
main brand, it focuses exclusively on the regulated futures market. As
explained by MFF’s founder and CEO, current compliance efforts necessitate
changes to existing policies.
“Affiliates
are a big focus of the broader regulatory and compliance environment,”
Leech commented in an email sent to affiliates. “Ultimately,
MyFundedFutures is responsible for how affiliates are advertising and promoting
our company and our business model to consumers. Affiliates promoting our
product offerings in an incorrect way is our responsibility.”
The message
further states that the prop firm is unable to “monitor smaller affiliates”
with whom they don’t have a direct relationship and can’t control how
MyFundedFutures services are promoted online.
After @Topstep now @MyFundedFutures is stopping their Affiliate Program.👇 pic.twitter.com/EOOMNqtvdb
— TheTrustedProp (@TheTrustedProp) October 15, 2024
As a
result, a significant change has been introduced to the existing regulations.
All affiliates who haven’t generated “at least 50 individual purchases to
MyFundedFutures since the launch of the program will be phased out of the
affiliate program.” Access to accounts will be lost after October 31.
After this date, the prop firm will issue a final payout.
Emails with
this content were reportedly sent to all users who didn’t exceed the minimum
threshold of 50 purchases. This information was confirmed by one of MFF’s
Discord moderators, stating, “If you have less than 50, your affiliate
will be disabled as of October 30th.”
Finance Magnates last wrote about MyFundedFutures three weeks ago when the company integrated dxFeed US futures for instant market data.
21 Countries Blacklisted
by MyFundedFutures
Last week,
MFF also announced other compliance-related changes stemming from the need to
work directly with US-registered FCMs, or Futures Commission Merchants.
“We
have identified a list of countries that will never be approved to trade live
according to guidelines and restrictions industry-wide for compliance and
regulatory reasons by the FCMs,” Leech commented on Discord.
Consequently,
the prop trading firm can no longer provide services to a list of 21 countries.
Residents of these countries can no longer purchase new evaluations or
challenges. However, this doesn’t apply to individuals who already had active
accounts with MyFundedFutures.
The list,
in alphabetical order, includes Burkina Faso, Cameroon, China, Gibraltar,
Haiti, Hong Kong, Jordan, Kenya, Macedonia, Mali, Mozambique, Myanmar, Namibia,
Nigeria, Philippines, Qatar, Romania, Senegal, South Africa, Tanzania, and
United Arab Emirates.
This article was written by Damian Chmiel at www.financemagnates.com.
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