The online FX platform accuses major financial institutions of unfair competition by denying access.
It plans to involve competition authorities and urges other affected exchange offices to join its lawsuit.
Polish
currency exchange platform Cinkciarz.pl announced plans to sue six major banks
operating in Poland. It is seeking at least 3 billion zlotys ($750 million) in
damages for alleged collusion to restrict its access to the foreign exchange
market.
Earlier this
week, the popular fintech announced its intention to sue two other banks for 2
billion zlotys ($500 million), following the revocation of its payment license
by the national financial supervision authority, KNF.
Polish Fintech
Cinkciarz.pl to Sue Six Banks for Alleged Cartel Behavior
The company
claims Bank BPS, BOŚ Bank, Credit Agricole, ING Bank Śląski, Bank Millennium,
and Getin Bank engaged in anti-competitive practices by denying Cinkciarz.pl
access to their currency trading platforms. This alleged behavior has directly
impacted the fintech's operations, forcing it to route transactions through
other banks and incurring additional costs.
“Such acts
of the banks directly influenced and affected the functioning of the online
exchange office Cinkciarz.pl, constituting acts of unfair competition,” the
company commented in a statement.
Cinkciarz.pl
argues that the alleged cartel behavior not only harms its business but also
deprives customers of potentially more favorable exchange rates compared to
those offered by banks.
Cinkciarz.pl
plans to file a complaint with Poland's Office of Competition and Consumer
Protection (UOKiK) and other relevant authorities, calling for intervention. The
fintech has also issued an appeal to other currency exchange services that may
have faced similar treatment from banks to join its legal action.
As
mentioned in the introduction, earlier this week Cinkciarz.pl filed lawsuits
totaling 2 billion zlotys ($500 million) against two other Polish banks, mBank
and BPS. The claim against BPS is for 500 million zlotys ($125 million), while
the one against mBank is for 1.5 billion zlotys ($375 million).
Initially, Finance
Magnates reported a smaller lawsuit
against mBank for 1 billion zlotys ($250 million), but later Cinkciarz.pl
announced separate grievances regarding the institution's actions, which it
valued at a potential 500 million zlotys ($125 million).
“As a
result of the administrative investigation and based on supervisory findings,
the KNF concluded that the company does not ensure prudent and stable
management of the payment services business. Therefore, there is a rationale
for revoking the company's authorization to provide payment services as a
domestic payment institution,” KNF commented in a statement originally
published in Polish.
Cinkciarz.pl
operates through several different companies with various authorizations. The
payment license was revoked from the subsidiary called Conotoxia sp. z o.o. The
name is deceptively similar to Conotoxia Ltd, which is responsible for
providing services in the FX/CFD market and is licensed by CySEC.
While the
KNF has revoked the domestic payment institution license of the Polish
subsidiary and the Cyprus-issued license for conducting CFD transactions remains
unaffected and in force, Finance Magnates learned that due to the
similarity in names, the Cypriot regulator has reportedly taken an interest in
the matter.
Conotoxia Ltd is Not the
Same as Conotoxia Sp. z o.o.
Grzegorz Jaworski, the CEO of Conotoxia Ltd
Grzegorz
Jaworski, CEO of Conotoxia Ltd, the CySEC-licensed broker, issued a letter
yesterday (Tuesday) to “clients, contractors, business partners, and media,”
in which he “emphatically pointed out” that the recent KNF actions
did not concern 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 commented in
the emailed statement. “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.”
As he
admitted, this decision does not affect the operations or the safety of client
funds at Conotoxia Ltd in any way.
Polish
currency exchange platform Cinkciarz.pl announced plans to sue six major banks
operating in Poland. It is seeking at least 3 billion zlotys ($750 million) in
damages for alleged collusion to restrict its access to the foreign exchange
market.
Earlier this
week, the popular fintech announced its intention to sue two other banks for 2
billion zlotys ($500 million), following the revocation of its payment license
by the national financial supervision authority, KNF.
Polish Fintech
Cinkciarz.pl to Sue Six Banks for Alleged Cartel Behavior
The company
claims Bank BPS, BOŚ Bank, Credit Agricole, ING Bank Śląski, Bank Millennium,
and Getin Bank engaged in anti-competitive practices by denying Cinkciarz.pl
access to their currency trading platforms. This alleged behavior has directly
impacted the fintech's operations, forcing it to route transactions through
other banks and incurring additional costs.
“Such acts
of the banks directly influenced and affected the functioning of the online
exchange office Cinkciarz.pl, constituting acts of unfair competition,” the
company commented in a statement.
Cinkciarz.pl
argues that the alleged cartel behavior not only harms its business but also
deprives customers of potentially more favorable exchange rates compared to
those offered by banks.
Cinkciarz.pl
plans to file a complaint with Poland's Office of Competition and Consumer
Protection (UOKiK) and other relevant authorities, calling for intervention. The
fintech has also issued an appeal to other currency exchange services that may
have faced similar treatment from banks to join its legal action.
As
mentioned in the introduction, earlier this week Cinkciarz.pl filed lawsuits
totaling 2 billion zlotys ($500 million) against two other Polish banks, mBank
and BPS. The claim against BPS is for 500 million zlotys ($125 million), while
the one against mBank is for 1.5 billion zlotys ($375 million).
Initially, Finance
Magnates reported a smaller lawsuit
against mBank for 1 billion zlotys ($250 million), but later Cinkciarz.pl
announced separate grievances regarding the institution's actions, which it
valued at a potential 500 million zlotys ($125 million).
“As a
result of the administrative investigation and based on supervisory findings,
the KNF concluded that the company does not ensure prudent and stable
management of the payment services business. Therefore, there is a rationale
for revoking the company's authorization to provide payment services as a
domestic payment institution,” KNF commented in a statement originally
published in Polish.
Cinkciarz.pl
operates through several different companies with various authorizations. The
payment license was revoked from the subsidiary called Conotoxia sp. z o.o. The
name is deceptively similar to Conotoxia Ltd, which is responsible for
providing services in the FX/CFD market and is licensed by CySEC.
While the
KNF has revoked the domestic payment institution license of the Polish
subsidiary and the Cyprus-issued license for conducting CFD transactions remains
unaffected and in force, Finance Magnates learned that due to the
similarity in names, the Cypriot regulator has reportedly taken an interest in
the matter.
Conotoxia Ltd is Not the
Same as Conotoxia Sp. z o.o.
Grzegorz Jaworski, the CEO of Conotoxia Ltd
Grzegorz
Jaworski, CEO of Conotoxia Ltd, the CySEC-licensed broker, issued a letter
yesterday (Tuesday) to “clients, contractors, business partners, and media,”
in which he “emphatically pointed out” that the recent KNF actions
did not concern 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 commented in
the emailed statement. “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.”
As he
admitted, this decision does not affect the operations or the safety of client
funds at 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.
“The US Is Still Our Core, Asia Is Where Growth Happens”: How Singapore Family Offices Balance Scale and Opportunity
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Hannah Hill on Innovation, Branding & Award-Winning Technology | Executive Interview | AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Recorded live at FMLS:25, this executive interview features Hannah Hill, Head of Brand and Sponsorship at AXI, in conversation with Finance Magnates, following AXI’s win for Most Innovative Broker of the Year 2025.
In this wide-ranging discussion, Hannah shares insights on:
🔹What winning the Finance Magnates award means for AXI’s credibility and innovation
🔹How the launch of AXI Select, the capital allocation program, is redefining industry standards
🔹The development and rollout of the AXI trading app across multiple markets
🔹Driving brand evolution alongside technological advancements
🔹Encouraging and recognizing teams behind the scenes
🔹The role of marketing, content, and social media in building product awareness
Hannah explains why standout products, strategic branding, and a focus on innovation are key to growing visibility and staying ahead in a competitive brokerage landscape.
🏆 Award Highlight: Most Innovative Broker of the Year 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #MostInnovativeBroker #TradingTechnology #FinTech #Brokerage #ExecutiveInterview #AXI
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
Executive Interview | Dor Eligula | Co-Founder & Chief Business Officer, BridgeWise | FMLS:25
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
In this session, Jonathan Fine form Ultimate Group speaks with Dor Eligula from Bridgewise, a fast-growing AI-powered research and analytics firm supporting brokers and exchanges worldwide.
We start with Dor’s reaction to the Summit and then move to broker growth and the quick wins brokers often overlook. Dor shares where he sees “blue ocean” growth across Asian markets and how local client behaviour shapes demand.
We also discuss the rollout of AI across investment research. Dor gives real examples of how automation and human judgment meet at Bridgewise — including moments when analysts corrected AI output, and times when AI prevented an error.
We close with a practical question: how retail investors can actually use AI without falling into common traps.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Brendan Callan joined us fresh off the Summit’s most anticipated debate: “Is Prop Trading Good for the Industry?” Brendan argued against the motion — and the audience voted him the winner.
In this interview, Brendan explains the reasoning behind his position. He walks through the message he believes many firms avoid: that the current prop trading model is too dependent on fees, too loose on risk, and too confusing for retail audiences.
We discuss why he thinks the model grew fast, why it may run into walls, and what he believes is needed for a cleaner, more responsible version of prop trading.
This is Brendan at his frankest — sharp, grounded, and very clear about what changes are overdue.
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Elina Pedersen on Growth, Stability & Ultra-Low Latency | Executive Interview | Your Bourse
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
Recorded live at FMLS:25 London, this executive interview features Elina Pedersen, in conversation with Finance Magnates, following her company’s win for Best Connectivity 2025.
🔹In this wide-ranging discussion, Elina shares insights on:
🔹What winning a Finance Magnates award means for credibility and reputation
🔹How broker demand for stability and reliability is driving rapid growth
🔹The launch of a new trade server enabling flexible front-end integrations
🔹Why ultra-low latency must be proven with data, not buzzwords
🔹Common mistakes brokers make when scaling globally
🔹Educating the industry through a newly launched Dealers Academy
🔹Where AI fits into trading infrastructure and where it doesn’t
Elina explains why resilient back-end infrastructure, deep client partnerships, and disciplined focus are critical for brokers looking to scale sustainably in today’s competitive market.
🏆 Award Highlight: Best Connectivity 2025
👉 Subscribe to Finance Magnates for more executive interviews, industry insights, and exclusive coverage from the world’s leading financial events.
#FMLS25 #FinanceMagnates #BestConnectivity #TradingTechnology #UltraLowLatency #FinTech #Brokerage #ExecutiveInterview
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
In this video, we take an in-depth look at @BlueberryMarketsForex , a forex and CFD broker operating since 2016, offering access to multiple trading platforms, over 1,000 instruments, and flexible account types for different trading styles.
We break down Blueberry’s regulatory structure, including its Australian Financial Services License (AFSL), as well as its authorisation and registrations in other jurisdictions. The review also covers supported platforms such as MetaTrader 4, MetaTrader 5, cTrader, TradingView, Blueberry.X, and web-based trading.
You’ll learn about available instruments across forex, commodities, indices, share CFDs, and crypto CFDs, along with leverage options, minimum and maximum trade sizes, and how Blueberry structures its Standard and Raw accounts.
We also explain spreads, commissions, swap rates, swap-free account availability, funding and withdrawal methods, processing times, and what traders can expect from customer support and additional services.
Watch the full review to see whether Blueberry’s trading setup aligns with your experience level, strategy, and risk tolerance.
📣 Stay up to date with the latest in finance and trading. Follow Finance Magnates for industry news, insights, and global event coverage.
Connect with us:
🔗 LinkedIn: /financemagnates
👍 Facebook: /financemagnates
📸 Instagram: https://www.instagram.com/financemagnates
🐦 X: https://x.com/financemagnates
🎥 TikTok: https://www.tiktok.com/tag/financemagnates
▶️ YouTube: /@financemagnates_official
#Blueberry #BlueberryMarkets #BrokerReview #ForexBroker #CFDTrading #OnlineTrading #FinanceMagnates #TradingPlatforms #MarketInsights
