Funded Engineer, a Dubai-based proprietary trading firm, is facing a hiccup in its plans to relaunch services after its software licenses were axed by tech provider FPFX Technologies last week. According to industry sources, the firm is not only moving its operations to in-house technology but also changing its brokerage partner from Purple Trading Seychelles to the Australian broker Blueberry Markets.

Initial reports earlier in the week had suggested Funded Engineer was targeting a midweek restart, aiming to transition to its own technology platform sooner than initially planned. This shift comes amidst allegations from FPFX that Funded Engineer was involved in a fraudulent scheme, coupled with the revelation that Purple Trading Seychelles was ceasing to provide brokerage services for the firm’s client trades.

In a recent update via X (formerly known as Twitter), Funded Engineer acknowledged some “slight delays” in transitioning client accounts to Blueberry Markets. The firm assured that service would be restored “very soon” and mentioned a backlog of pending payouts dating from February 7th, promising that a “large chunk” of these payouts and refunds would be processed shortly.

The tweet detailed the refund policy for clients wishing to opt-out, specifying a maximum allowable drawdown of 4% for eligibility. Those choosing refunds would lose access to their accounts, while those willing to wait would see their challenge accounts reset to the original balance upon the service’s relaunch.

This delay and the switch in technology and brokerage partners reflect the dynamic and sometimes tumultuous nature of the prop trading industry, as firms navigate regulatory, technological, and partnership challenges.