NZ FMA Issues Warning: Forex Trading App HFSC Withholding Client Funds

In a warning issued today, the Financial Markets Authority of New Zealand (NZ FMA) alerts people to the crypto and forex trading app HFSC and its website www.bitwinne.com. The regulator recommends caution when dealing with this entity:

entity names: HSFC, Bitwinne
alternative names: BTWN
websites: www.bitwinne.com; www.hfsc2024.com
APP: HFSC
address: Main Street, Suite 440, Aurora, United States
email: bitwinne@gmail.com 

The FMA has received multiple complaints about New Zealanders being added to groups on the Telegram messaging app and then being recommended the crypto and forex trading app HFSC. This app is linked to the website www.bitwinne.com which claims to be a leading provider of financial advice. 

Upon the FMA’s confirmation, Bitwinne and HFSC are not registered on the Financial Service Providers Register and neither hold any licenses with the FMA to provide financial services in New Zealand. 

The NZ FMA has also received multiple complaints about HFSC unreasonably withholding client funds and asking for unreasonable fees or taxes. Even if these fees are paid, the investment is not returned.