BlackBull denies losing MetaQuotes license after Funding Pips closure

abdelaziz Fathi

MetaQuotes, the developer behind the popular MT4 and MT5 trading platforms, is intensifying its scrutiny over brokers and proprietary trading firms servicing US clients. This shift in policy has already led to disruptions, most notably the sudden closure of trading services by the prop firm Funding Pips and swirling rumors about Blackbull’s MetaQuotes license status.

Funding Pips confirmed the industry whispers by announcing an “unexpected urgent maintenance,” following a storm of reports from traders about closed positions and inaccessible trades on MetaTrader.

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.

The speculation about MetaQuotes’ crackdown gained momentum with the recent termination of True Forex Funds’ license due to regulatory concerns and its unauthorized acceptance of US clients. This move brought to the light MetaQuotes’ stringent stance on regulatory compliance, especially concerning the solicitation and trading practices with US customers.

The Commodity Futures Trading Commission (CFTC)’s red listing of True Forex Funds for offering regulated products outside US jurisdiction and allowing trading in CFDs – illegal in the US – also confirms the regulatory pitfalls facing firms operating in or targeting American markets.

The broader implications of MetaQuotes’ actions could be profound for numerous prop firms and brokers that rely on high leverage to attract traders but lack the backing of liquidity providers (LPs) to hedge their large volumes. This operational model, fraught with risks in any jurisdiction, becomes particularly precarious in the US, where regulatory scrutiny is intensifying.

MetaQuotes’ crackdown seems motivated by a combination of factors, including the operational risks posed by firms generating significant volumes of complaints in the US and the minimal financial benefit MetaQuotes derives from these entities. The company’s decision is further understood against the backdrop of pressure from US regulators, including threats to MetaQuotes’ presence in app stores if compliance is not ensured.

Read this next


BlockDAG’s Explosive Presale Hits $20.3M In April Swaying Investors From XRP’s Price Trends Upward, & Polygon’s NFT Market

Learn about BlockDAG’s impressive $20.3M presale results, XRP’s price increase prospects, and the booming NFT market on Polygon among the top 10 cryptocurrencies.

Retail FX

Financial Commission warns of Eplanet Brokers

The Financial Commission, a self-regulatory compliance specialist for the financial services industry, is ramping up its scrutiny of unregulated brokerage firms. Today, the independent association warned against a company called Eplanet Brokers.

Retail FX

Dubai crypto exchange steps into prop trading

Dubai-based cryptocurrency trading platform, CoinW Exchange, marked its sixth anniversary by announcing a rebranding initiative and launching a proprietary trading product.


Bitcoin payments app Strike launches in Europe

Bitcoin blockchain-based payments app Strike launched in Europe on Wednesday, allowing users in the region to buy, sell, and withdraw bitcoin (BTC).


Bandit Network’s Points SDK and Brave Ads Power Astar zkEVM’s Quest Platform “Yoki Origins”

“Yoki Origins,” supported by Bandit Network and Brave Ads, introduces a gamified and rewarding experience for Astar zkEVM users, marking a significant milestone in Web3 adoption.

Digital Assets

Crypto ETFs to debut in Hong Kong next week

Hong Kong has authorized six cryptocurrency-based spot ETFs set to launch on April 30, according to Bloomberg.


BlockDAG Among The Best New Crypto To Invest In Post 8 Billion Coins Sales; More On Bitcoin Cash Futures’ Launch & Solana Positive Predictions

Explore Solana’s ATH predictions to see whether it can rise after a $17B dip? BlockDAG sells 8 billion coins in presale as Bitcoin Cash Futures launch.

Fundamental Analysis, Market News, Tech and Fundamental

Global FX Market Summary:USD, FED, German IFO ,Gold April 24 ,2024

Mixed US economic data and Fed rate hike uncertainty are causing volatility in the EUR/USD pair, while the Eurozone and gold prices add another layer of complexity.

Market News, Tech and Fundamental, Technical Analysis

EURCHF Technical Analysis Report 24 April, 2024

EURCHF currency pair can be expected to rise further toward the next major resistance level 0.9840, which stopped the pervious waves C and B, as can be seen below.