Prop Firm Funded Engineer Ceases Operations Due to Financial Struggles

On July 15, Dubai-based proprietary trading firm Funded Engineer announced its permanent closure with immediate effect, citing insurmountable financial challenges as the main reason for ceasing operations.

Despite Funded Engineer's significant efforts to stabilize its financial position, including strategic restructuring, cost-cutting measures, and seeking additional investments, it was unable to secure the resources it needed to continue operations. 

Funded Engineer ran into considerable difficulties earlier this year when its technology provider, FPFX, terminated its license due to alleged fraud. This incident marked the beginning of a series of setbacks for the company. The company was subsequently suspended by prop firm comparison site Propfirmmatch, following reports that Funded Engineer's funded account had been compromised.

The company's website has been taken down and replaced with an "Announcement of Ceasing Operations" notice. Funded Engineer has expressed its commitment to the smooth administration of the bankruptcy process and is working closely with legal and financial advisors to resolve outstanding issues.

Earlier this month, Stocknet Institute (SIWorld) announced its decision to cease operations in prop trading.