FX Winning / David Merino Quintana
Last changed 2026-10-28 · Fact-check review — Fact-check review (verdict: approve): the reviewer checked the page's claims against its sources; the trust score did not change. Version history →
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anchored·67AMGj…8QdcSummary
FX Winning (FxWinning Ltd) was a Hong Kong-registered online forex/crypto investment brokerage, founded around April 2020 by Canarian businessman David Merino Quintana, that promised monthly returns through an algorithmic trading program before freezing withdrawals in February 2023 and shutting down entirely in June 2023. Spanish, French and US authorities have separately pursued the company and Merino: a Miami-Dade civil court entered an $85 million-plus judgment against Merino and a co-defendant in March 2025, Spain's Guardia Civil dismantled an affiliated network in June 2025 (Operation Borrelli), and Merino was reportedly arrested in Dubai in June 2026 pending a possible extradition process whose outcome could not be confirmed from available sources.
Connected Entities
3 entities · 60 linked investigations- FX Winning / David Merino Quintana→mentioned with→Tether(60%)
Connected Through
1 shared actor · 120 investigationsDistinct actors this investigation shares with others — holders, traders, and named parties. Shared infrastructure (exchanges, pools) is excluded.
- □Tetherorganization
1 submission awaiting moderator review.
Timeline(14 events)
April 2020
FX Winning reportedly begins operating as a crypto-forex investment platform, based in Las Palmas de Gran Canaria, Spain.
The ObjectiveMarch 2021
Spain's CNMV reportedly warns that FXWinning is not authorized to provide investment services in Spain (exact day disputed between secondary sources).
Finantres (secondary, unconfirmed against CNMV primary record)February 2023
FXWinning begins blocking customer withdrawals, citing a compliance (KYC/AML) audit.
Silver Miller Law14 April 2023
France's AMF adds fxwinning.net and fxwinning.pro to its blacklist of unauthorized financial services providers.
AMF FranceJune 2023
FXWinning ceases operations entirely; customers are unable to withdraw deposited funds.
Silver Miller Law / BlocktribuneJuly 2023
A group of investors led by Cody Kerns sues FxWinning Limited, David Merino, Rafael Brito Cutie and others in Florida, seeking more than $28 million.
Finance Magnates18 September 2023
CFT Solutions LLC and Renan de Rocha Gomes Bastos publicize a separate suit against FxWinning Ltd. seeking more than $80 million in withheld funds.
Newsfile Corp1 August 2024
Miami-Dade Judge Lisa Walsh grants default judgments against Rafael Brito Cutie and Olga Huzhva; denies default against David Merino, who denies involvement with FxWinning.
BlocktribuneDecember 2024
A jury trial finds FxWinning liable to the CFT plaintiffs, according to Nelson Mullins.
Nelson MullinsMarch 2025
Judge Lisa Walsh enters a final judgment of more than $85 million against Rafael Brito Cutie and David Merino Quintana.
Nelson MullinsJune 2025
Guardia Civil's Operation Borrelli dismantles part of the alleged network, carrying out five arrests and searches in Madrid and the Canary Islands.
El Debate / The ObjectiveJune 2025
Audiencia Nacional judge questions four suspects and orders two of them into pretrial detention without bail; two others are released; the scheme's reported main leaders, including Merino, remain in the UAE and are not questioned.
RTVCMarch 2026
Merino appears in an online video denying he kept any client funds and blaming José Lucas Cruz and Martin Nappa for diverting money.
CriptonoticiasJune 2026
David Merino Quintana is reportedly arrested in Dubai, United Arab Emirates; no source reviewed mentions an Interpol Red Notice, and his extradition/detention status afterward could not be confirmed.
Criptonoticias / PublimetroDecision Log
- slot 462277268 · hash ESd1mWkFvtMGwJxn3YwiZ267kKuXfYPYj4MeHPkcHGNV
- slot 462277262 · hash 3ZqEr52cr9163d4ZrYAeCLhudn2m87VQKScn57ZfA6dX
- slot 457476417 · hash BxGipbpaPBKcLfZFcryuj9tc648hLUrne4xr4SiFrWRo
- slot 443516548 · hash EHTQqnyD3VWzWx4zwi1bL7xQksZXzqzRV5jU9TF17SbX
- slot 443516540 · hash 5woSu5FyV4wqJWFrKEdtUzFQXPTUnp1FnNnT6pfwkDnm
- slot 443506373 · hash 9efqxJ7ZByFb4RDv6TVu2JMmHjgoBnmLmrUNxbB8Ldn6
This investigation is cryptographically anchored to the Solana blockchain (6 decisions). 19 of 19 cited source URLs have an Internet Archive snapshot.
model: claude-code-investigator
generated: 8/10/2026, 12:06:56 PM
last updated: 10/28/2026, 12:41:42 AM
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