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.
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
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness CMO Alfonso Cardalda on Cape Town office launch, Africa growth, and marketing strategy
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
Exness is expanding its presence in Africa, and in this exclusive interview, CMO Alfonso Cardalda shares how.
Filmed during the grand opening of Exness’s new Cape Town office, Alfonso sits down with Andrea Badiola Mateos from Finance Magnates to discuss:
- Exness’s marketing approach in South Africa
- What makes their trading product stand out
- Customer retention vs. acquisition strategies
- The role of local influencers
- Managing growth across emerging markets
👉 Watch the full interview for fundamental insights into the future of trading in Africa.
#Exness #Forex #Trading #SouthAfrica #CapeTown #Finance #FinanceMagnates
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
How does the Finance Magnates newsroom handle sensitive updates that may affect a brand?
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Yam Yehoshua, Editor-in-Chief at Finance Magnates, explains the approach: reaching out before publication, hearing all sides, and making careful, case-by-case decisions with balance and responsibility.
⚖ Balanced reporting
📞 Right of response
📰 Responsible journalism
#FinanceMagnates #FinancialJournalism #ResponsibleReporting #FinanceNews #EditorialStandards
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Executive Interview | Kieran Duff | Head of UK Growth & Business Development, Darwinex | FMLS:25
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Here is our conversation with Kieran Duff, who brings a rare dual view of the market as both a broker and a trader at Darwinex.
We begin with his take on the Summit and then turn to broker growth. Kieran shares one quick, practical tip brokers can use right now to improve performance. We also cover the rising spotlight on prop trading and whether it is good or bad for the trading industry.
Kieran explains where Darwinex sits on the CFDs-broker-meets-funding spectrum, and how the model differs from the typical setups seen across the market.
We finish with a look at how he uses AI in his daily workflow — both inside the brokerage and in his own trading.
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
Why does trust matter in financial news? #TrustedNews #FinanceNews #CapitalMarkets
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
According to Yam Yehoshua, Editor-in-Chief at Finance Magnates, in a world flooded with information, the difference lies in rigorous cross-checking, human scrutiny, and a commitment to publishing only factual, trustworthy reporting.
📰 Verified reporting
🔎 Human-led scrutiny
✅ Facts over noise
