I've taken it with no problems and think it's a great fat-burner. I specifically like the fat-burners that use Norephedrine HCI (like Phenyltropic PPA) because it helps me breathe better (I don't use them for that purpose, it's just a nice side effect). I have mild allergies that stop up my nose. I think Norephedrine is a vasodialator, so maybe that has something to do with your nosebleeds, such as your nasal tissue being very thin or sensitive.
Have you taken other products containing Norephedrine HCI, Yohimbine HCI, caffeine, and/or aspirine w/o any problems? Are you doing/taking anything else that might cause a nosebleed? Maybe lay off the PPA for a few days and see what happens. I'm not a doctor, so this isn't medical advice, but if that were happening to me, I'd stop until I figured it out.