Cinkciarz.pl, one of Poland's largest currency exchange platforms, continues its major legal offensive against several banks. It alleges systematic blocking of funds exceeding 1.3 billion zlotys ($300 million) over a decade. The update comes just a few weeks after the fintech informed that it wants to sue 11 domestic banks for 7.5 billion zlotys ($1.9 billion).
Polish Fintech Cinkciarz.pl Accuses Banks of $300 Million Fund Blockade
Cinkciarz.pl company has filed complaints with Poland's Financial Supervision Authority (KNF) and the competition watchdog UOKiK. It seeks immediate administrative proceedings and potential license revocations for the implicated banks. The company is also pursuing criminal investigations against current and former bank executives.
The alleged blockade involved more than 2,700 inter-bank transfers since 2010, averaging 2–3 delayed transactions weekly. In a recent incident, a routine foreign currency transfer between the company's accounts took five days to complete, despite being marked for same-day processing.
This follows a decision made by the KNF a month ago when the regulator revoked the payment license of Conotoxia sp. z o.o., the subsidiary handling payments for the fintech's clients. Without this license, the company's normal operations are rather impossible.
“Moreover, banks charged fees for ‘same day’ transfers that were not completed on time, thus deliberately hindering the company's liquidity and generating additional costs,” the company commented today (Monday).
The company claims banks have consistently denied access to working capital and investment financing. It describes these actions as deliberate attempts to undermine market competition. These practices have reportedly disrupted Cinkciarz.pl's currency exchange operations and transaction execution capabilities.
The matter is being escalated to European Union authorities. Cinkciarz.pl is preparing to submit comprehensive documentation including big data analysis of the alleged banking practices. The company seeks full accountability for what it describes as unfair competitive practices and deliberate business obstruction.
Cinkciarz.pl to Seek $1.9 Billion from Polish Banks
Cinkciarz.pl's latest legal action is part of its broader effort to challenge what it claims is a coordinated attempt by Polish banks to limit competition in the foreign exchange market. The company has already filed lawsuits against multiple large financial institutions. Total damages now surpass 7.5 billion zlotys ($1.9 billion).
Most of the information about the planned lawsuits was presented in the first half of October. The latest update emerged last week concerning Credit Agricole, from which Cinkciarz.pl intends to seek 1 billion zlotys ($250 million).
Additionally, the company accused the KNF of “violating the law” and argued that the regulator’s actions “harmed users.” Conotoxia claims that the “current banking lobby” is prioritizing its own interests over those of users and fintech competitors. In response to the license revocation, Cinkciarz.pl is reportedly engaged in advanced talks with international investment funds to secure operational stability.
It's important to note that Conotoxia sp. z o.o., the payments company, and Conotoxia Ltd, a CySEC-regulated FX/CFD company, are separate entities.
