Canada-based prop trading firm Lark Funding announced it will once again welcome clients from the United States.
This decision comes after a brief pause in new US registrations, during which existing American clients continued their trading activities without interruption. The firm hinted at a future migration of these clients to DXTrade, although details of this transition remain unclear.
Lark Funding CEO Matt L said last week he hopes for allowing new US registrations in the future, pending regulatory developments and confirmed that this change does not impact clients outside of the US.
Previously, Lark Funding leveraged the MT4 and MT5 platforms in collaboration with the Australian broker EightCap, which recently opted out of serving proprietary trading firms as of February 29.
Matt L acknowledged the challenge posed by EightCap’s withdrawal but mentioned receiving positive assurances from ThinkMarkets regarding their operational continuity and strong ties with MetaQuotes. Surprisingly, ThinkMarkets later mirrored EightCap’s decision, discontinuing services for prop firm clients in the US, a move that caught many industry participants off guard and spurred a rush to find alternative solutions.
This industry shake-up impacts several prop firms reliant on ThinkMarkets, including AquaFunded, Bespoke, Forex Capital Funds, Goat Funded Trader, Instant Funding, Lark Funding, Ment Funding, My Flash Funding, My Funded FX, Skilled Funded Traders, Swift Funding, The Funded Trader, and Traddoo.
Elsewhere, MyFundedFX has confirmed its switch to the cTrader platform after it has suspended sign-ups for US traders. The firm stated that it is seeking clarification on this matter to ensure certainty. However, operations in other jurisdictions remain unaffected by this change.
Our Integration of CTrader has been complete.
Over the weekend and early next week we will be stress testing it and ensuring it is bug free.
Later next week we aim to go live with CTrader powered by Purple Trading SC.
We have also been handed over our MatchTrader server… https://t.co/D9Tcl3Nilf
— MyFundedFX (@MyFundedFX) March 1, 2024
The broader implications of MetaQuotes’ stricter enforcement actions have led to a suspension of services by several prop firms. The community reaction has been a mix of concern and confusion. Discussions on X reflect a sense of urgency to adapt to these changes, with timelines for compliance varying according to different sources. Some speculate that all brokers in violation of jurisdictional regulations must rectify their status by as late as June 30.
