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    Data verified 25 June 2026
    09

    Regulatory Radar

    Regulatory landscape by jurisdiction as of March 2026.

    United States

    Tightening

    CFTC / NFA / SEC

    CFTC examining CTA classification for eval firms. Consumer complaints up 74% YoY in 2024. SEC broadened dealer definitions.

    United Kingdom

    Under Review

    FCA

    Multi firm review August 2025 on algorithmic trading controls. Tighter marketing and KYC/AML expected.

    European Union

    Active Regulation

    ESMA / MiCA

    MiCA applies to crypto prop firms. EU AI Act high risk obligations effective August 2026. Penalties up to EUR 35M.

    Australia

    Warning Phase

    ASIC

    Warnings to finfluencers promoting prop trading. Stricter disclosure requirements incoming.

    Self-Regulation

    Emerging

    TPA

    The Prop Association formed April 2025 by surviving firms. Industry standards before regulators impose them.

    Firm blacklist and historical record

    Three classifications, not one. Distinguishing live harm from orderly closure prevents the historical record from polluting current avoidance lists.

    Active warnings1 firm

    Firms still operating but with ongoing harm to traders — denied payouts, retroactive rule changes or manipulation. Avoid.

    • The Funded Traderest. 2021

      Reason: Severe ongoing payout failures 2025–2026

      Still nominally operating but with severe ongoing payout failures through 2025 and 2026. The only firm on this list still classified as blacklisted for live harm rather than orderly closure.

    Defunct (orderly wind-down)7 firms

    Firms that ceased operations without continuing customer harm. Listed for historical context only.

    • Fidelcrestest. 2018

      Reason: Suspended March 2024, never resumed

      Suspended operations in March 2024 and never resumed. Wound down without further customer harm.

    • SurgeTraderest. 2021

      Reason: Ceased operations 24 May 2024

      Ceased operations on 24 May 2024. Orderly wind-down with no ongoing complaints.

    • MyFundedFXest. 2022

      Reason: Orderly wind-down Feb 2026; pivoted to Seacrest Markets

      Orderly wind-down announced 6 February 2026, closed 28 February. Pivoted to Seacrest Markets. Some unpaid balances reported.

    • FundingTicksest. 2023

      Reason: Wound down January 2026 after retroactive rule changes

      Retroactive rule changes voided trader profits in December 2025; firm wound down around 18 January 2026 with refunds issued.

    • True Forex Fundsest. 2021

      Reason: MetaQuotes licence revoked May 2024, ~".2M owed

      Shut down on 13 May 2024 after MetaQuotes revoked its licence. Approximately ".2M owed to roughly 300 traders.

    • Funded Unicornest. 2023

      Reason: Insolvency / A-book model collapse

      Collapsed under an A-book execution model. Insolvency proceedings followed.

    • Tick Tick Traderest. 2022

      Reason: Shut down 2026; dropped by Tradovate

      Shut down in 2026 after being dropped by Tradovate. The Direct and Project X products are now offline.

    Litigation cleared1 firm

    Firms whose enforcement actions were dismissed or reversed. No active warning currently stands, but the firm is not necessarily operating.

    • MyForexFundsest. 2020

      Reason: CFTC case dismissed with prejudice May 2025; OSC ordered to pay costs Feb 2026; relaunch signalled, not yet live

      Reclassified June 2026: the CFTC case was dismissed with prejudice in May 2025 (with $3.1M in sanctions awarded against the CFTC), and in February 2026 the OSC was ordered to pay costs. A relaunch has been signalled but is not yet live. Listed here for historical context, not as an active warning.