CFTC

The CFTC regulates US futures, options, and retail forex markets, and — through its joint oversight of NFA-registered Futures Commission Merchants (FCMs) and Retail Foreign Exchange Dealers (RFEDs) — is the primary regulator any US-facing forex or futures-prop affiliate needs to surface. The August 2023 CFTC action against MyForexFunds (MFF) set the precedent that overseas forex-prop firms cannot solicit US retail customers without CFTC registration; this is why most global forex prop firms restrict US users and why FTMO’s late-2025 OANDA partnership (OANDA is a CFTC-registered FCM and NFA member) is the only compliant forex-prop path for US affiliates as of 2026. Futures props (Apex, Topstep, Earn2Trade, TPT, MFFU) sit in a separate “simulated/educational” lane the CFTC has not yet pulled into its registered-entity perimeter, but affiliates should treat that boundary as policy-fragile, not permanent.