MetaTrader Allegedly Not Involved In Pig Butchering Scam But White Label Processing Suspended!

Pig Butchering with MetaTrader
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The Forex News Group (FNG) report about the Apple Store ban of the MetaTrader trading software MT4 and MT5 made the ground-shaking event public. According to a new FNG report, MetaTrader was not used in the Pig Butchering scam reported by Forbes. MetaQuotes connected its broker clients and technology partners, letting them know that it is working on restoring both MT4 and MT5 on the Apple App Store “as soon as possible.” Meanwhile, it allegedly suspended its white label processing.

MetaQuote Information

Allegedly, MetaQuotes informed its technology partners and brokerage clients that its White Label product is currently unavailable in the company’s own Support Site App Store. MetaQuotes said that no new White Labels will be processed “until further notice.”

On the MetaQuotes website, however, no information about the Apple ban can be found yet. All versions of the MetaTrader software can still be downloaded from there.

Apple did not give any reasons for the ban. Rumors say it was the Russian connections that FinTelegram has already reported about. However, FNG says this is not the reason because MetaQuotes was founded by Russians but has been based in Cyprus for over 20 years. Rather, the reasons could have been in the use of MetaTrader by their customers.

MT4 and MT5 have more than 50% market share in the online trading sector. The vast majority of CFD brokers, as well as many scammers, use the online trading app.

The MetaTrader Defender

FNG and its writer Gerald Segal defend MetaTrader and point out that the Forbes report about using MetaTrader in a Pig Butchering scam would be wrong. There, this software would not have been used at all.

Some further digging by FNG has revealed that MetaTrader was actually not at all used in the aforementioned scam (perpetrated at some crypto trading firms).

Forex News Group report (link)

FNG seems to have a very positive view of MetaTrader. Fine for us. FinTelegram, on the other hand, remains critical of MetaTrader and its publisher MetaQuotes because of Russian connections, ongoing data collection and exploitation, and its vast use by scammers.

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