MPFunds Stopped Their Operations Permanently!!

MPFunds, A prop firm which was based in Singapore and was operating for more than a year now as been permanently closed.
This Announcement has been done by Founder & CEO Dean Wong on their website and social media platforms, where they apologized for this inconvenience and also traders who were funded with them and specially to the people who worked really hard in their firm.-

About MPFunds :- 

MPFunds was operating under the legal name of MYPOCKET FUNDS PTE. LTD and a Registered Company Number 202230915H was Founded by Dean Wong, who is also the CEO of the company. Under his leadership, MPFunds has made achieved quite a remarkable feat, Till now, the firm had paid over $1 million in payouts. MPFunds offered traders a 2 phase challenge account with funding of up to $200k and the max allocation by the company was $1,000,000. MPFunds also provided educational resources and also coachings for traders to learn trading.

Reason Behind the Closure :- 

On their website, MPFunds Founder & CEO Dean Wong gave a letter where they have addressed the reasons behind the this closure and the issues that played a big part.

• One of the main reason was Singapore’s strict law structure which kept adding hurdles in the path and shortly after, Their bank terminated the services given to MPFunds without any notice. MPFunds also provided evidence and legal documents for more clarity in this matter and requested bank to restart the services but their requests were denied without any negotiations. 
• MPFunds also tried requesting funds from Institutions based on their company performance but they were also rejected. 

These 2 reasons led to MPFunds facing a big financial burden which could not be held longer.

Additional Reason of Suspicious Trading Activities :- 

CEO Dean Wong also stated that in recent months the company have also founded out that traders who were involved in prohibited and suspicious trading activities grew a lot in number on their platform and took advantage of it. After a detailed investigation, MPFunds found out that these traders with these activities had already took advantage of their reward system and this situation made matter worse than before for the whole company.

Conclusion 

Prop Firms in a whole is a very new concept for many countries and as the rules and regulations have not yet been specially tailored. On top of that, each country has different set of rules for and for a business model as new as Prop Firm exists, Every Prop Firm must understand that they will have to maintain a really good risk management and Anti-Cheat methods. 

MPFunds’ story will always be a major example for what prop firms must keep in mind while operating.