This week, a leading prop firm, FTMO suspended the purchase of new challenges for the US market. While the prop firm still continues to accept clients from around the world, this change will impact many new prop traders in the US.
A statement released from the firm stated:
“…as we put a hold on onboarding new US clients. At the same time, we are looking for ways to make FTMO available again to all those interested in trading in the USA.”
The statement goes on to explain that the prop firm is committed to providing top-quality services to their clients. That does not change at this time – the problem concerns specifics related to their prop firm operations in the US market.
This announcement comes following an update in May 2023 when the firm banned US traders and clients in 5 states, including:
- Delaware
- Louisiana
- South Carolina
- Montana
- Arkansas
Forex prop firm traders in the USA should review local regulations for their accounts. This recent FTMO regulated change may signal an increasing push for regulation in the entire prop firm market. Further, if the United States government continues towards a regulatory push, other regulatory entities including the EU, UK, Canada, or Australia may follow suit.
FTMO Banned Countries
Here’s a full list of FTMO banned countries (as per January 2024):
- United States of America (US)
- The Russian Federation
- India
- North Korea
- The Republic of Belarus
- Cuba
- The Republic of Indonesia
- Venezuela
- South Sudan
- Sudan
- Iran
- Syria
- Myanmar
Is FTMO Regulated?
Prop firm traders must enter into the FTMO Account Agreement and pass the KYC/KYB process. The FTMO Account agreement defines the trader’s duties and rights. The contract further details the FTMO regulatory compliance and relationship with the trader.
At Funding Traders, we stand by the other top prop firms in the industry. We believe that self-regulation and transparency are paramount to a safe, fair prop firm market.
