Funding Pips CEO blames MetaQuotes for business closure

Khaled Ayesh, CEO of the prop trading firm Funding Pips, addressed the abrupt cessation of their services, stating that all payouts would be processed, and losses compensated as soon as operations resume.

The sudden halt, as explained by Ayesh, came as a direct result of MetaQuotes’ decision to discontinue services due to onboarding U.S. accounts, a move made with no prior notice to Funding Pips.

Despite the setback, Ayesh said the firm has secured all client accounts and trading data, transferring them to its own database in preparation for a quick restoration of services. He highlighted what he describes “Funding Pips’ consistent adherence to its promises” comparing it with the less reliable practices of others in the industry.

The cessation of services was further complicated by the forced termination of Funding Pips’ partnership with BlackBull Markets. Ayesh explained that the move was not initiated by BlackBull itself but was a consequence of regulatory pressures that also led to their delisting from MetaQuotes’ trading applications.

Ayesh’s statement sought to reassure clients by highlighting the firm’s efforts to mitigate the impact of the halt and promised compensation for any losses incurred due to the disruption. He called for patience from clients as the firm works to resolve the situation and reassured them of the team’s dedication to restoring full operations as quickly as possible.

Finally, Funding Pips CEO committed to maintaining open lines of communication, offering to personally chat with and address the concerns of each client.

For its part, BlackBull Markets was quick to dispel rumors of losing its MetaQuotes license, attributing current access issues for new MT5 mobile app users to temporary technical difficulties, promising a swift resolution. However, Anish Lal, chief business development officer of BlackBull Markets, said on X that MetaQuotes forced them to cut ties with Funding Pips.