According to Traders Global Group Inc, their files show two pre-authorized payments of CAD 4,500,000 and CAD 27,000,000, which were flagged by the CFTC.

My Forex Funds prop trading firm has filed a motion on Wednesday, September 27, 2023, seeking a modification of the statutory restraining order.

According to Traders Global Group Inc, their files show two pre-authorized payments of CAD 4,500,000 and CAD 27,000,000, which were flagged by the CFTC.

The lawyers representing the now-suspended funded accounts provider claim that the CFTC has “recklessly mischaracterized transfers to and from Defendants’ bank accounts before the SRO [statutory restraining order] was entered.” the CFTC misrepresented that Traders Global transferred $31.55 million CAD to Mr. Kazmi, when in reality Traders Global transferred that money to the Canadian tax authorities.".

According to My Forex Funds, their bank records show two pre-authorized payments of CAD 4,500,000 and CAD 27,000,000, which were flagged by the CFTC as “TXINS” and “TXBAL”. These are common bank codes used to designate tax payments to the Canadian government.

These claims were made in a motion filed by My Forex Funds in response to several allegations brought against it by the US commodities regulator and seeking a modification of the SRO.

The motion by My Forex Funds specifically questioned the STO, which led to the temporary shutdown of the platform.

According to the motion, no US courts have ever ordered a business shutdown and asset freeze for alleged regulatory infractions.

Motion stated that, “The CFTC can obtain a court order in secret to shut down your entire business and have someone seize not only your business’s assets, but also your personal assets, before you ever know a complaint has been filed against you. That is what happened here, and the CFTC would have this Court believe that all of this is completely constitutional. It is not”.

My Forex Funds has earned at least $310 million in fees from its prop trading operations, where more than 135,000 customers have registered on their platform since November 2021.