Briefing

AFM warns that Ufunded’s funded trading needs a Dutch licence

Written by WiT Markets EditorialReview Editorially reviewedLast reviewed

Brokers and regulationDate only. No clock time was recorded.WiT Markets Editorial2 min read

The Dutch Authority for the Financial Markets warns that Ufunded LLC is providing investment services in the Netherlands without an AFM licence. The AFM says the service is funded trading in contracts for difference. The warning names that firm only. It is not a rule for every prop-trading firm.

A fee mark beside a larger position mark, for a funded-trading warning about one firm
Editorial illustration. It is not a photograph of an event, and it does not show a price.

Key facts

  • The AFM warning says Ufunded LLC provides CFD services in the Netherlands without an AFM licence.
  • The AFM says 1,279 Dutch investors transferred more than 20 million euros.
  • An interim court allowed publication on 30 January 2026. An appeal filed on 22 June 2026 has no recorded judgment on the status sheet.

On its warning page the AFM says Ufunded executes client orders in derivative contracts, specifically CFDs, and does not hold an AFM licence. It says the firm cannot rely on an exemption. The platform is described as invite-only, with at least one referring party that is paid for sending clients and that primarily targets Dutch consumers. The AFM says 1,279 Dutch investors transferred more than 20 million euros to Ufunded.

The AFM describes the funded-trading offer in these terms. A customer pays between 1,400 and 32,200 euros, then takes leveraged positions using stated funding of 45,000 to 1,035,000 US dollars, which the AFM says is 30 times the fee. Customers speculate on whether a price rises or falls without owning the asset. The AFM says they trade those positions against Ufunded, can be locked out if they pass a loss limit, lose the entry fee, and must pay it again to return. It also says withdrawal conditions make it unlikely that gains can be cashed out, and that the firm presents the arrangement as if the firm and the customer share in profits. Those are the AFM’s findings on the warning page. They are not copied here as a finding about any other firm.

A Rotterdam court judgment of 30 January 2026, published on rechtspraak.nl on 6 February 2026, rejected Ufunded’s request for a preliminary order blocking the warning. The court said the AFM may issue the public warning. The same judgment says that interim view does not bind the AFM’s later decision on the objection, or a later court case. The AFM status sheet, updated to 22 June 2026, says the measure was imposed on 3 December 2025 and that publication had been held while the court request was pending. The sheet records a decision on the objection dated 12 May 2026 and an appeal filed on 22 June 2026. The rows for a judgment on that appeal are blank. This briefing does not treat the appeal as decided.

Why it matters for investors and traders

The AFM has classified this firm’s funded-trading offer as an investment service that requires a Dutch licence, and it says the firm does not hold one. Readers can see the fee, the stated funding multiple, and that a later appeal is still unrecorded on the status sheet.

Markets discussed: CFDs. These are the subjects of the briefing, not a list of markets that moved.

Uncertainties

  • The status sheet dated 22 June 2026 does not record whether the 12 May 2026 objection decision upheld or dismissed the objection.
  • No judgment on the appeal filed on 22 June 2026 is entered on that sheet.
  • The warning names Ufunded LLC. It does not say that every funded-trading firm is unlicensed.

What to watch next

  • Treat the appeal as open until the AFM status sheet or the court records a judgment.
  • Keep the warning attached to Ufunded LLC, the firm the AFM named.
  • A customer who wants the AFM’s own contact route is pointed to the Financial Markets Hotline printed on the warning, 0800 5400 540.

How to read this development

Supervisory actionNetherlandsDutch Authority for the Financial Markets

The official document is dated 22 June 2026. This briefing was published on 22 October 2026. A later status would be added as a new entry. The original status stays in the record.

Who is affected

Ufunded LLC, the firm named by the AFM, and customers the warning says were in the Netherlands. The warning does not name another prop firm.

What changes

The AFM says this funded-trading service is the execution of client orders in CFDs and requires a Dutch licence, which the AFM says the firm does not hold.

When it applies

The measure date on the status sheet is 3 December 2025. The interim court ruled on 30 January 2026. The status sheet is updated to 22 June 2026 and records an appeal filed that day.

Status history

  • 3 December 2025. Supervisory action. The AFM status sheet says the measure was imposed on this date. Publication was suspended while a court was asked to block it.
  • 30 January 2026. Supervisory action. The interim judge rejected the request to block publication and said the AFM may issue the warning.
  • 22 June 2026. Supervisory action. Status sheet updated to this date. An appeal was filed the same day. No judgment on that appeal is entered.

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Written by: WiT Markets Editorial. Writes and structures WiT Markets pages. Separates a sourced fact from a cell that is Not confirmed.

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AFM warns that Ufunded’s funded trading needs a Dutch licence | WiT Markets