MyFlashFunding, based in the US, today (Monday) disclosed its collaboration with an ASIC-supervised broker for its global clients. The ASIC, a leading authority in financial regulation, oversees this broker. Despite the announcement, the prop firm kept the broker’s identity confidential. It’s also still determined whether the services will be under the ASIC’s watch or a different regulatory body.
In their announcement on social media, MyFlashFunding stated, “We have exclusively partnered with an ASIC-regulated broker for MyFlashFunding and our associates, giving us a competitive edge and protecting us from the complexities that other brokers may encounter in this sector.”
The firm will quickly transfer all operations to the new broker by Wednesday, prioritizing operation security and promising superior trading conditions for its clientele.
MyFlashFunding still needs to provide more details on the collaboration.
US Services Hiccups
The collaboration surfaces amid a purported crackdown on prop trading firms by MetaQuotes, the developer behind the MetaTrader platforms, resulting in many brokers ending services to prop trading platforms in the US.
In light of these events, several prop trading entities, including MyFlashFunding, ceased their US services. Nevertheless, MyFlashFunding is incorporating Match-Trade, a MetaTrader competitor, to continue serving American clients.
MyFlashFunding reassured its American clients, saying that they were covered and that Match-Trade integration was nearly complete!
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