Funded Engineer Stops Operations. On July 15, Dubai-based proprietary trading firm Funded Engineer announced its permanent closure, effective immediately, due to insurmountable financial challenges.
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Despite significant efforts to stabilize its financial position, including strategic restructuring, cost-cutting measures, and seeking additional investments, Funded Engineer was unable to secure the necessary resources to continue operations.
The firm encountered substantial difficulties earlier this year when its technology provider, FPFX, terminated its license over alleged fraud. This incident triggered a series of setbacks for the company, leading to its suspension by the prop firm comparison site Propfirmmatch after reports of a compromised funded account.
Funded Engineerās website has been taken down and replaced with a notice of the closure. The company is committed to managing the bankruptcy process smoothly and is working closely with legal and financial advisors to address outstanding issues.
Earlier this month, Stocknet Institute (SIWorld) also announced its decision to cease operations in prop trading.
Funded Engineerās Message to itās Clients
Dear Valued Clients and Partners,
It is with deep regret and a heavy heart that we announce the permanent closure of Funded Engineer. Despite our extensive efforts to improve our financial situation, we have been unable to overcome the challenges we faced, necessitating the cessation of all operations effective immediately.
Over the past months, we have explored every possible avenue to stabilize our financial standing, including strategic restructuring, cost-cutting measures, and seeking additional investment. Unfortunately, these efforts have not yielded the necessary results to ensure the continuation of our business.
As part of this closure, Funded Engineer will be filing for bankruptcy. This decision was not made lightly, and we understand the significant impact it will have on our clients, partners, and employees. We are committed to managing this process as smoothly as possible and will be working closely with our legal and financial advisors to address all outstanding matters. We deeply appreciate the trust and support you have shown us over the lifespan on Funded Engineer.
We sincerely apologize for any inconvenience this may cause and thank you for your understanding during this difficult time.
Sincerely,
Funded Engineer
