Lawsuit Against Forex Broker FXWinning, Is Being Globally Pursued by Renan Bastos Of CFT Solutions
Miami, Florida--(Newsfile Corp. - September 18, 2023) - In a startling legal battle, CFT Solutions, LLC ("CFT") and Renan de Rocha Gomes Bastos ("Bastos") have filed a lawsuit against FxWinning Ltd. ("FxWinning"), a Hong Kong-based online foreign exchange ("Forex") investment brokerage, alleging the wrongful withholding of more than $80 million of the plaintiffs' funds. The group of plaintiffs, CFT, and Bastos, have repeatedly sought the release of their funds from FxWinning, which has consistently refused their requests, leading to the legal action. This lawsuit shines a light on the complex world of online Forex trading and raises questions about FxWinning's operations.
CFT Solutions, LLC, a Delaware limited liability company with its headquarters in Miami-Dade County, Florida, is one of the plaintiffs in this case. FxWinning Ltd., the defendant, is a Hong Kong-based company with a seemingly decentralized structure, maintaining workspaces in Cyprus, Dubai, and Miami-Dade County, Florida.
David Marino is the Founder of FxWinning, Rafael Brito Cutie ("Cutie"), the Chief Executive Officer of FxWinning, is a non-party citizen of Cuba, residing in both Dubai, United Arab Emirates, and Limassol, Cyprus. Roman Cardenas ("Cardenas"), the Vice President of FxWinning, is a non-party citizen of the United States, residing in Miami-Dade County, Florida.
The court has subject matter jurisdiction over this lawsuit due to the substantial amount in controversy, exceeding $80 million. Personal jurisdiction over FxWinning has been established as it operates and conducts business in Florida and breached the contract in question within the state. Miami-Dade County is considered a proper venue as the alleged cause of action took place there.
FxWinning is described as an online Forex investment brokerage with two websites, fxwinning.net and fxwinning.pro, providing customers access to their accounts. The company, founded in early 2020, boasts experienced financial market experts and touts its mission to provide exceptional services to clients worldwide.
To fund their accounts with FxWinning, customers transfer cryptocurrency, which is then converted to United States Dollars ("USD") through a crypto-exchange in Dubai named Bybit. However, starting in February 2023, FxWinning allegedly began denying withdrawal requests from its customers, including the plaintiffs.
In total, CFT and Bastos hold ten accounts with FxWinning, collectively valued at over $80 million, referred to as the "Withheld Funds." Despite numerous requests, FxWinning has refused to release these funds. The terms and conditions (T&C) of FxWinning, which customers agree to when creating accounts, reportedly provide no conditions on the plaintiffs' ability to withdraw funds.
Contrary to its own T&C, FxWinning has allegedly refused to permit plaintiffs to withdraw funds from their accounts since February 3, 2023, leading to the denial of multiple requests and delays. FxWinning's actions have caused significant financial harm to the plaintiffs.
The lawsuit's primary claim is for breach of contract. The plaintiffs argue that FxWinning materially breached its own T&C by refusing to release their funds, resulting in substantial damages. They are seeking compensatory damages exceeding $80 million, the return of the withheld funds, an accounting of all transactions related to these funds, disgorgement of ill-gotten gains, attorney's fees, costs, and interest.
CFT and Bastos have requested a trial by jury for all issues that may be tried in such a manner, signaling their commitment to pursuing justice through the legal system not just in Miami but in Dubai, Hong Kong, and Brazil.
This lawsuit brings into focus the challenges and potential risks associated with online Forex trading platforms and raises important questions about the accountability and transparency of such platforms. As the case unfolds, it will undoubtedly draw the attention of investors and regulators in the financial industry.
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