Articles

Deel paused their services to prop firms?

Deel has garnered recognition as the industry benchmark due to its unique ability to streamline payment processes, facilitate invoice issuance, and navigate the regulatory challenges faced by these trading companies. However, U.S. regulators are contemplating a potential inquiry into Deel's role in these financial transactions. In response, Deel clarified that its invoicing platform was its initial product, employed by these companies and others. This platform is exclusively available to businesses within approved industries and specific geographic regions, contingent on successful completion of Deel's thorough customer vetting process.

Deel has suspended payments to prop firms due to an ongoing investigation by the CFTC. However, some prop firms, such as Funding Traders and Goat Funded, are still able to use Deel's services. Other prop firms, such as The5ers, Funded Engineer, Marven, and MyFundedfx, have uploaded the necessary documents to Deel and are awaiting approval. In the meantime, traders who have requested payments through Deel should contact their prop firm to see if they can use an alternative payment method which almost every prop firm has.

Author : Prop Connect
Publish Date : 12 September 2023

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