The process of choosing a broker has become a daunting challenge for clients in the Forex and cryptocurrency markets. Recent events have highlighted the intricate web of deception and opacity that can exist within the industry. A standout example is the fall of the highly regulated FTX broker, formerly a major sponsor of significant venues like the Miami Heat basketball stadium, which declared bankruptcy less than a week after shocking revelations emerged about their unethical practices with customer funds. Now, a second broker, FXWinning, has followed a similar path of unethical practices, using false pretenses to deny clients access to their accounts, preventing them from withdrawing their money.
The incident underscores the underlying challenge faced by clients as trust in both Forex and cryptocurrency brokers wanes. While clients rely on brokers to conduct their market activities, the inherent lack of transparency regarding the actions of these institutions’ owners behind the scenes raises justified concerns. A similar narrative emerged in the case of FXWinning. With prominent figures such as CEO Rafael Brito Cutie, Roman Cardenas (VP), and David Marino (Founder of the broker) at the helm, the brokerage appeared reputable and experienced. After two years of commendable service, some suspicious actions by the broker, coupled with communication failures with clients, cast doubt on the integrity of these individuals and the brokerage. The FXWinning broker case extends to the present day where the broker still claims on their own site false excuses to deny clients access to their accounts:
Many of these international clients, who traded with FXWinning, had a large part of their life savings since they aimed to operate in the market and seek a better life. However, as the broker does not return clients’ money and only communicates through false promises on the site, a wave of despair has been triggered among the broker’s clients, with families going bankrupt, losing their livelihoods, and even attempting suicide.
Some individuals or companies in the US, including CFT Solutions, have filed a lawsuit against FXWinning in the US legal system, all other lawsuits are in foreign countries, and they are now facing international lawsuits. The most significant question now is: what did they do with all their clients’ money?
The ridiculous excuses that FXWinning’s lawyers are making in court in the lawsuit CFT filed against them carry no weight and are an obvious attempt to buy more time for the blatant embezzlements they defend. Judges can see through the smoke screens and are currently shooting down the baseless excuses they are presenting. There is a hope that this lawsuit serves as an example for others and that justice is done. The goal now is clear for all clients and account holders, and the only option available to
them is to seek their rights through legal channels against the FXWinning broker.
This is the only way the practices of those seeking to harm clients and undermine the integrity of the Forex and cryptocurrency market will eventually end. By holding brokers accountable, standing up against dishonesty, and unethical behavior, the aim is to pave the way for a more transparent and trustworthy industry. This battle is not just about seeking justice for one, but also about creating a lasting impact that benefits all involved. The challenges of the Forex and cryptocurrency markets are ever evolving. While incidents of deception and unethical practices may shake the foundation of trust, they also empower individuals to speak up. Their commitment to seeking legal remedies in the face of dishonesty serves as an example to others. As the pursuit of accountability gains momentum, the entire industry will benefit from exposing wrongful actions and the triumph of truth and ethics.
Renan Bastos is one of the leading algorithm developers in the industry, a member of the CFT, and a victim of FXWinning. He is also filing lawsuits in Miami, Brazil, and Dubai. The situation became quite serious when the FXWinning broker began claiming the need for all clients to undergo the KYC (Know Your Customer) process since the broker dealt with cryptocurrencies. But the question remains: FXWinning clients had already done a KYC when registering with the broker, why would they need to do another?
“I have evidence that David (founder of FXWinning), Roman (VP of FXWinning), and Rafael (CEO of FXWinning) planned this KYC to buy time and who knows what they planned to do with our money. They did all this trying to make it look like the process was 100% real. This won’t stand. They won’t run away with our money. I will go to the ends of the earth to hold these people accountable. I got all the evidence I needed.”- Says Renan Bastos of CFT Solutions.
Amid turbulence and uncertainty, stories like Renan Bastos’s resonate as a cry for justice in a market tainted by the dishonesty of some. Bastos, with his commitment and bravery, has become the banner for many seeking redress. Reports indicate he has faced direct threats due to the mountain of evidence he holds against FXWinning. However, instead of backing down, he is stepping up his efforts, resolute in his mission to expose all the guilty parties and ensure not only his money but all the clients get back what is rightfully theirs.
His fight underscores a crucial message: while there might be those seeking to manipulate and deceive, there will always be those willing to face adversity in the name of truth and justice.
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