After losing its payments license, the Polish fintech company Cinkciarz.pl, part of Conotoxia Holding, has filed a complaint with consumer protection watchdog UOKiK over several banks' refusal to provide SWIFT messaging access. According to the company, this highlights growing tensions between traditional banks and fintech players in the region.

Polish Fintech Cinkciarz.pl Challenges Banks Over SWIFT Access Restrictions

The Conotoxia Holding subsidiary alleges that multiple Polish banks, including ING, Credit Agricole, BOŚ, and VeloBank, have explicitly denied requests to enable SWIFT communication for domestic transfers. Even banks that agreed to provide access are implementing the changes at an unusually slow pace.

“Currently, transferring funds within banking systems in Poland takes much longer than international transactions via SWIFT,” Cinkciarz.pl commented today (Monday). “For example, the pounds sent from foreign banks to Poland are posted within minutes, whereas transfers between banks in Poland can take many hours.”

Cinkciarz.pl's recent actions, marking a full-scale battle with the Polish banking system, stem from a decision by the local market watchdog, the KNF, in early October. The KNF revoked the payment license of its subsidiary, Conotoxia sp. z o.o., effectively disrupting its ability to operate as an online currency exchange.

The company has submitted complete documentation to the UOKiK and highlighted the need for clearer regulatory provisions, particularly regarding the maximum response time banks are allowed for such requests. Cinkciarz.pl emphasizes that integrating SWIFT for bank transactions could greatly enhance efficiency, minimize current delays, and significantly lower transaction costs.

Although Cinkciarz.pl blames the regulator and local banking system for its issues, a Polish-language Facebook group allegedly comprising individuals “harmed” by the fintech has grown to over 6,000 people. Many members report waiting weeks to withdraw their funds. In an official statement last week, the fintech claimed it had returned 60% of customer funds following the license revocation. It also assured that it plans to settle all obligations by the end of the year, meeting the deadline set by the KNF.

“We fully understand customers' concerns regarding the return of funds for their currency exchange transactions,” stated Conotoxia in its announcement. “We process refund transfers on a daily basis.”

Cinkciarz.pl Challenges KNF in Court

Last week, Cinkciarz.pl initiated legal action against the KNF following the regulator's decision to revoke its operating license. The fintech argues that the move, rather than protecting customer interests, may harm them. The case focuses on the KNF's recent objection to Conotoxia's use of bank accounts owned by its agent, Cinkciarz.pl, to handle customer funds—a practice the company claims has been accepted by the regulator since 2017.

The conflict between Conotoxia and the KNF has intensified over the past month, with the fintech accusing the regulator of “violating the law” and endangering its business. Additionally, the KNF issued a negative recommendation on Conotoxia's application for a European banking license, a step the company sees as vital for sustaining its operations.

Conotoxia has also announced plans to sue nearly all major banks in Poland, alleging a “conspiracy” to obstruct its activities. The lawsuits could involve 11 banks, with claimed damages reaching 6.75 billion zlotys ($1.65 billion). At the same time, the company is working to attract foreign investment to stabilize its business. Last month, Conotoxia revealed that it was in advanced discussions with an investment fund, which could provide essential financial support.

As the fintech faces mounting regulatory and operational challenges, its legal battles and pursuit of a European banking license remain central to its strategy for navigating the crisis.