The chaos continues in the prop trading (technically funded trading) industry as SI World, a brand operated by the UK-based Stocknet Institute, announced its “permanent closing.” Interestingly, at the same time, Australia’s The Prop Trading AU teased a comeback one and a half years after being accused of fraud.

Another Prop Trading Brand Shutters

Stocknet Institute announced the closure of its prop trading business yesterday (Thursday) with a notice on its social media channels addressing its clients. “After much consideration and strategic planning, we have decided to formally begin the process of winding down our operations with the goal of permanently closing,” the notice stated.

“This decision stems from a strategic pivot as the business moves in a new direction. We want to emphasise that the business is in a healthy position, and this transition reflects our commitment to pursuing new opportunities that align with our long-term vision.”

pic.twitter.com/uHKmKdoxyw

— Stocknet Institute (@siworldio) July 4, 2024

However, the company did not specify what those “new directions” or “new opportunities” could be. It also did not clarify anything about its “long-term vision.”

The platform has already stopped taking new clients and disabled the purchasing of challenges. It has highlighted a clear process for managing the closure of existing clients' accounts. Furthermore, the company is selling its in-house prop trading technology IP.

“We are now making a permanent move away from the prop trading industry and we are dedicated to managing this in an ethical manner,” the notice added.

The prop trading industry has boomed in recent years; however, multiple shutdowns have occurred in the past few months. Brands like True Forex Funds and SurgeTrader confirmed their closures, while Easton-controlled Skilled Funded Trader, which temporarily suspended all operations, has now gone completely dark.

A Genuine Comeback?

Out of all this chaos, The Prop Trading AU, an Australia-based prop trading brand, has suddenly teased a comeback on its Instagram handle.

View this post on Instagram

A post shared by The Prop Trading | Prop firm | Funding Traders (@theproptrading)

Notably, Prop Trading AU is already a tainted brand, as it was flagged by the Australian Securities and Investments Commission (ASIC) in December 2022. The regulator also ceased all activities and forced the company to take down its website. However, the prop trading company denied any wrongdoing.

“Our company was taken completely by surprise by the receipt of this request, and we acknowledge that the news was not only unexpectedly received by the entire market but also caused some inevitable frustration,” the company noted in a consecutive reply earlier. “However, in the course of the past few days and despite many efforts from TPT communicating about the issue with our community, we have noticed that a few malicious people are trying to create rumours and question the integrity of our company.”

The Prop Trading AU Forex Prop Firm posts ASIC letter

Denies allegations of fraud

Continues to work to resolve the situation pic.twitter.com/8vp6X6tWZF

— FundTraders (@FundTraders) December 16, 2022

However, an old archived version of The Prop Trading AU website is still live without any hints of a comeback. It is also unclear if the post on Instagram was by the prop trading brand or if the handle was sold to someone else.