Citibank and PKO BP have just joined the growing list. They are allegedly accused of collusion.
Moreover, the Polish fintech giant claims that the local market watchdog "violates the law" and its regulations "destroy" companies.
Polish
currency exchange platform Cinkciarz.pl has announced plans to sue two more
major banks operating in the country. This time, the fintech is seeking at
least 1.5 billion zlotys ($375 million) from Citibank and PKO BP.
Cinkciarz.pl and Conotoxia
Plan to Sue a Total of 10 Polish Banks
According
to the
latest statement from Cinkciarz.pl sp. z o.o. and Conotoxia sp. z o.o.
published today (Tuesday), the online currency exchange and payment institution
intend to take legal action against PKO BP, demanding at least 1 billion zlotys
($250 million).
"The
grounds for the lawsuit are the bank's collusion and refusal to provide the
companies with financing in the form of investment and working capital
loans," the companies wrote in the statement.
Last week,
a similar note was issued regarding Citibank, seeking damages of 500 million
zlotys ($125 million).
This
increases the number of banks that Cinkciarz.pl and Conotoxia want to sue to a
total of 10, with potential damages amounting to 6.5 billion zlotys ($1.65
billion).
The growing list since the beginning of this month includes mBank, BPS
(twice), BOŚ Bank, Credit Agricole, ING Bank Śląski, Bank Millennium, and Getin
Bank.
According
to Cinkciarz.pl, these banks have allegedly engaged in anti-competitive
practices and violated the principle of equal treatment of companies by banks.
"PKO
BP S.A., like many other banks, has imposed a total ban on cooperation with
entities from the Conotoxia group, which is detrimental not only to the
companies' interests but also to the welfare of customers," they commented
on the matter.
Conotoxia Alleges Polish
KNF "Violates the Law"
The news of
Conotoxia's license revocation has put the payment company into a veritable
berserker mode. An all-out war with almost all major Polish banks is not all,
as Finance Magnates reported yesterday (Monday) that the Polish fintech
also has complaints against the regulator.
In its
statement, the company openly admits that
KNF "violates the law," and that the introduced regulations,
instead of helping, "destroy" companies. The actions taken by the
regulator may allegedly disrupt services for 100,000 users and cause billions
in damages.
Conotoxia
wants to fight against the "current banking lobby," which it believes
protects its own interests, placing them above the welfare of users and the
competitive chances of fintech companies.
"The
KNF violated the provision of Article 105(1)(6) of the Payment Services Act.
Given a choice of six supervisory measures against a Company with no previous
administrative penalties, it decided to wind it up straight away, a phenomenon
in supervision that should help entities solve their problems, not destroy
them," the company commented in another of the series of statements made
in recent days.
Conotoxia Sp. z o.o. is
Not the Same Company as Conotoxia Ltd
It's worth
emphasizing that Conotoxia Sp. z o.o., the Polish payment company whose license
was revoked by KNF, is a different entity from Conotoxia Ltd, a CySEC-regulated
retail FX/CFD broker. Although the activities of both are completely
independent, it's easy to confuse them.
Grzegorz Jaworski, the CEO of Conotoxia Ltd.
Finance
Magnates learned
that due to the similarity in names, the Cypriot regulator has also reportedly
taken interest in the situation. Grzegorz Jaworski, CEO of Conotoxia Ltd, a
broker licensed by CySEC, addressed the matter in a letter sent last week to
"clients, contractors, business partners, and media," emphasizing
that the recent actions by the KNF did not involve the company he represents.
"Our
company Conotoxia Ltd is a separate entity that holds a license to conduct
brokerage activities in Poland, among other places," Jaworski stated.
"Our company does not and has never provided any payment services to
clients and has nothing to do with the Polish Financial Supervision Authority's
decision regarding Conotoxia sp. z o.o."
He added
that the KNF's decision has not affected the operations of the broker Conotoxia
Ltd in any way.
Polish
currency exchange platform Cinkciarz.pl has announced plans to sue two more
major banks operating in the country. This time, the fintech is seeking at
least 1.5 billion zlotys ($375 million) from Citibank and PKO BP.
Cinkciarz.pl and Conotoxia
Plan to Sue a Total of 10 Polish Banks
According
to the
latest statement from Cinkciarz.pl sp. z o.o. and Conotoxia sp. z o.o.
published today (Tuesday), the online currency exchange and payment institution
intend to take legal action against PKO BP, demanding at least 1 billion zlotys
($250 million).
"The
grounds for the lawsuit are the bank's collusion and refusal to provide the
companies with financing in the form of investment and working capital
loans," the companies wrote in the statement.
Last week,
a similar note was issued regarding Citibank, seeking damages of 500 million
zlotys ($125 million).
This
increases the number of banks that Cinkciarz.pl and Conotoxia want to sue to a
total of 10, with potential damages amounting to 6.5 billion zlotys ($1.65
billion).
The growing list since the beginning of this month includes mBank, BPS
(twice), BOŚ Bank, Credit Agricole, ING Bank Śląski, Bank Millennium, and Getin
Bank.
According
to Cinkciarz.pl, these banks have allegedly engaged in anti-competitive
practices and violated the principle of equal treatment of companies by banks.
"PKO
BP S.A., like many other banks, has imposed a total ban on cooperation with
entities from the Conotoxia group, which is detrimental not only to the
companies' interests but also to the welfare of customers," they commented
on the matter.
Conotoxia Alleges Polish
KNF "Violates the Law"
The news of
Conotoxia's license revocation has put the payment company into a veritable
berserker mode. An all-out war with almost all major Polish banks is not all,
as Finance Magnates reported yesterday (Monday) that the Polish fintech
also has complaints against the regulator.
In its
statement, the company openly admits that
KNF "violates the law," and that the introduced regulations,
instead of helping, "destroy" companies. The actions taken by the
regulator may allegedly disrupt services for 100,000 users and cause billions
in damages.
Conotoxia
wants to fight against the "current banking lobby," which it believes
protects its own interests, placing them above the welfare of users and the
competitive chances of fintech companies.
"The
KNF violated the provision of Article 105(1)(6) of the Payment Services Act.
Given a choice of six supervisory measures against a Company with no previous
administrative penalties, it decided to wind it up straight away, a phenomenon
in supervision that should help entities solve their problems, not destroy
them," the company commented in another of the series of statements made
in recent days.
Conotoxia Sp. z o.o. is
Not the Same Company as Conotoxia Ltd
It's worth
emphasizing that Conotoxia Sp. z o.o., the Polish payment company whose license
was revoked by KNF, is a different entity from Conotoxia Ltd, a CySEC-regulated
retail FX/CFD broker. Although the activities of both are completely
independent, it's easy to confuse them.
Grzegorz Jaworski, the CEO of Conotoxia Ltd.
Finance
Magnates learned
that due to the similarity in names, the Cypriot regulator has also reportedly
taken interest in the situation. Grzegorz Jaworski, CEO of Conotoxia Ltd, a
broker licensed by CySEC, addressed the matter in a letter sent last week to
"clients, contractors, business partners, and media," emphasizing
that the recent actions by the KNF did not involve the company he represents.
"Our
company Conotoxia Ltd is a separate entity that holds a license to conduct
brokerage activities in Poland, among other places," Jaworski stated.
"Our company does not and has never provided any payment services to
clients and has nothing to do with the Polish Financial Supervision Authority's
decision regarding Conotoxia sp. z o.o."
He added
that the KNF's decision has not affected the operations of the broker Conotoxia
Ltd in any way.
Damian's adventure with financial markets began at the Cracow University of Economics, where he obtained his MA in finance and accounting. Starting from the retail trader perspective, he collaborated with brokerage houses and financial portals in Poland as an independent editor and content manager. His adventure with Finance Magnates began in 2016, where he is working as a business intelligence analyst.
United Fintech Scores Sixth Backer Days After Barclays Deal
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
Executive Interview | Charlotte Bullock | Chief Product Officer, Bank of London | FMLS:25
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this interview, we sat down with Charlotte Bullock, Head of Product at The Bank of London, previously at SAP and now shaping product at one of the sector’s most ambitious new banking players.
Charlotte reflects on the Summit so far and talks about the culture inside fintech banks today. We look at the pressures that come with scaling, and how firms can hold onto the nimble approach that made them stand out early on.
We also cover the state of payments ahead of her appearance on the payments roundtable: the blockages financial firms face, the areas that still need fixing, and what a realistic solution looks like in 2026.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
In this conversation, we sit down with Drew Niv, CSO at ATFX Connect and one of the most influential figures in modern FX.
We speak about market structure, the institutional view on liquidity, and the sharp rise of prop trading, a sector Drew has been commenting on in recent months. Drew explains why he once dismissed prop trading, why his view changed, and what he now thinks the model means for brokers, clients and risk managers.
We explore subscription-fee dependency, the high reneging rate, and the long-term challenge: how brokers can build a more stable and honest version of the model. Drew also talks about the traffic advantage standalone prop firms have built and why brokers may still win in the long run if they take the right approach.
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
Executive Interview | Remonda Z. Kirketerp Møller| CEO & Founder Muinmos | FMLS:25
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this interview, Remonda Z. Kirketerp Møller, founder of Muinmos, breaks down the state of AI in regtech and what responsible adoption really looks like for brokers. We talk about rising fragmentation, the pressures around compliance accuracy, and why most firms are still in the early stages of AI maturity.
Ramanda also shares insights on regulator sandboxes, shifting expectations around accountability, and the current reality of MiCA licensing and passporting in Europe.
A concise look at where compliance, onboarding, and AI-driven processes are heading next.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
In this conversation, we speak with Aydin Bonabi, CEO and co-founder of Surveill, a firm focused on fraud detection and AI-driven compliance tools for financial institutions.
We start with Aydin’s view of the Summit and the challenges brokers face as fraud tactics grow more complex. He explains how firms can stay ahead through real-time signals, data patterns, and early-stage detection.
We also talk about AI training and why compliance teams often struggle to keep models accurate, fair, and aligned with regulatory expectations. Aydin breaks down what “good” AI training looks like inside a financial environment, including the importance of clean data, domain expertise, and human oversight.
He closes with a clear message: fraud is scaling, and so must the tools that stop it.
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Exness expands its presence in Africa: Inside our interview with Paul Margarites in Cape Town
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
Finance Magnates met with Paul Margarites, Exness regional commercial director for Sub-Saharan Africa, during a visit to the firm’s office opening in Cape Town. In this talk, led by Andrea Badiola Mateos, Co-CEO at Finance Magnates, Paul shares views on the South African trading space, local user behavior, mobile trends, regulation, team growth, and how Exness plans to grow in more markets across the region. @Exness
Read the article at: https://www.financemagnates.com/thought-leadership/exness-expands-its-presence-in-africa-inside-our-interview-with-paul-margarites/
#exness #financemagnates #exnesstrading #CFDtrading #tradeonline #africanews #capetown
