Cinkciarz.pl, a major Poland-based fintech Fintech Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Financial Technology (fintech) is defined as ay technology that is geared towards automating and enhancing the delivery and application of financial services. The origin of the term fintechs can be traced back to the 1990s where it was primarily used as a back-end system technology for renowned financial institutions. However, it has since grown outside the business sector with an increased focus upon consumer services.What Purpose Do Fintechs Serve?The main purpose of fintechs would be to suppl Read this Term firm that offers currency exchange and retail trading services, has announced its triumph in a court case that has spanned ten years against another local online currency exchange, which had been using the competing company's name as a keyword to promote its services in search engines. According to the court's decision, it is obliged to pay Cinkciarz.pl, among other requirements, PLN 2 million (EUR 440,000) in restitution.

Update: Currency One has commented on the court decision and the position of Cinkciarz.pl. The company disagrees with the verdict and intends to appeal it. More information can be found here.

Cinkciarz.pl Wins Trademark Case in 2013

The owner of Internetowykantor.pl and Walutomat.pl, two online currency exchange services operating in Poland, was ordered to apologize, provide compensation, and make a charitable donation to Cinkciarz.pl, part of Conotoxia Holding. In addition, the ruling instructed the guilty party to cease all illegal activities involving the use of the competitor's name as keywords in Google Ads.

The case focused on the use of the keywords ‘cinkciarz’ and ‘cinkciarz.pl,’ including deliberate misspellings, to manipulate search engine searches and redirect them to competitor websites. The accused, Currency One, carried on with these unlawful activities despite receiving a pre-litigation notice, leading Cinkciarz.pl to launch a lawsuit in 2013 and secure an injunction for the lawsuit’s duration.

Currency One contested that the ‘cinkciarz’ trademarks were invalid, prompting additional proceedings before the Polish Supreme Administrative Court and the Court of Justice of the European Union (CJEU). A critical point of contention was the claim by Currency One that the term ‘cinkciarz,’ which historically described a person engaged in illegal currency exchange on city streets, is descriptive of currency exchange services, and thus should not qualify for trademark registration.

However, Cinkciarz.pl received favourable rulings on this matter from both courts. They confirmed that the term ‘cinkciarz’ lacks any current linguistic meaning and can therefore be used as a business name and trademark.

“We are happy to finally announce our victory. However, we will continue to seek a higher amount of compensation, to which we believe we are entitled. After all, we have endured many years of court battles and the unlawful marketing practices of our competitors,” Marcin Pióro, the Founder and President of Cinkciarz.pl, commented. “We are the leader in multi-currency exchange services in Poland, and we are not afraid of competition. Still, fairness is a condition for healthy competition.”

In its ruling, the court in the polish city of Poznań, ordered Currency One to refrain from using ‘cinkciarz,’ ‘cinkciarz.pl,’ or similar terms as keywords for Google Ads and to publish a statement of apology on its websites for one month. In addition, the company has to donate PLN 40,000 (EUR 8,800) to a designated charity, compensate Cinkciarz.pl over PLN 2 million (EUR 440,000), plus interest and reimbursement of 80% of Cinkciarz.pl’s legal fees.

Setting a Global Standard for Online Trademark Violations

This case illustrates the illegal nature of using not just a competitor's trademarks in Google Ads, but also similar words or deliberate misspellings. According to Cinkciarz.pl, this ruling is expected to set a precedent for similar disputes, given its far-reaching impact beyond Poland's borders.

“Using a competitor’s trademarks or name to position websites on the Internet is quite common. Many businesses do not know how to defend themselves against this or consider it economically unreasonable,” Janusz Mazurek, a partner and attorney at SSW Pragmatic Solutions, explained. “The judgment we obtained in the Cinkciarz.pl case shows how to pursue such claims and proves that a company that uses dishonest advertising need not go unpunished.”

This ruling signifies the seriousness of online trademark violations and showcases how companies can defend themselves against such dishonest practices. Businesses that have been deterred from taking action against illicit advertising due to economic concerns or a lack of understanding can find reassurance in this verdict's implications.

“This is a precedential ruling whose impact extends beyond Poland’s borders. So far, the level of monetary damages awarded in similar cases has been symbolic," Filip Balcerzak, a partner at SSW Pragmatic Solutions, added.

New Director, New Product and New Financial Report

Cinkciarz.pl was the first online currency exchange operating on a mass scale in Poland. In 2017, it decided to expand its operations by introducing the CySEC-regulated brand Conotoxia, offering retail forex (FX) and contracts for difference (CFD) trading services.

By 2022, Conotoxia, a subsidiary of Cinkciarz.pl, exhibited noteworthy growth. Its revenue and transaction volumes experienced a visible surge compared to the previous year, driving the group's overall FX transaction turnover to $8.29 billion, indicative of a robust performance across the entire spectrum of services and companies.

Conotoxia reported an uptick of 5% in its currency exchange Exchange An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv An exchange is known as a marketplace that supports the trading of derivatives, commodities, securities, and other financial instruments.Generally, an exchange is accessible through a digital platform or sometimes at a tangible address where investors organize to perform trading. Among the chief responsibilities of an exchange would be to uphold honest and fair-trading practices. These are instrumental in making sure that the distribution of supported security rates on that exchange are effectiv Read this Term turnover in 2022, climbing from $7.46 billion in 2021 to $8.29 billion. For other metrics, Conotoxia opts for a percentage and multiplier representation instead of precise numbers, showing the extent of improvement in their performance in various business areas. Their active client accounts surged, marking an increase of nearly 2.5 times, setting an all-time record.

In a move to diversify its current FX and CFD portfolio in March, Conotoxia introduced a new investment advisory service with a minimal entry threshold, catering to European retail traders. As documented in an official statement reviewed by Finance Magnates, the new service offers retail traders personalized investment guidance on specific financial instruments.

Entering 2023, Conotoxia named Ireneusz Pukin as the new Director of the national branch, succeeding Daniel Kostecki who held the position since the branch's establishment in 2021.