The company was ordered to cease operations and settle accounts by year-end.
The cancellation of the payment license will not, however, affect FX/CFD operations.
The Polish
Financial Supervision Authority (KNF) has unanimously revoked Conotoxia sp. z o.o.'s payment services license. It cited the company's failure to
ensure prudent and stable management of its payment services activities.
Polish Fintech Conotoxia
Stripped of Payment License
In a
statement released
yesterday (Wednesday), the KNF said its decision was primarily based on
Conotoxia's non-compliance with statutory obligations related to protecting
funds received from payment service users for the execution of payment
transactions.
“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.
The Polish regulator
has ordered Conotoxia to immediately cease opening new payment accounts and
stop accepting deposits or transfers to existing accounts. Existing account
holders will be allowed to withdraw funds or transfer them to other providers
until all obligations are settled.
“The
company remains fully at the disposal of the KNF. We cooperate openly and
honestly with the Commission, responding to all questions and concerns and
providing all required documents,” the company commented in an e-mailed
statement, originally in Polish, to Finance Magnates.
“At the
same time, we wish to inform that the company strongly objects to the decision
issued. Acting in the best interest of our clients, we are taking all legal
steps to overturn the decision made by the KNF as soon as possible."
It's
important to emphasize that Conotoxia, which operates the popular local fintech
brand Cinkciarz.pl, conducts business through several different companies.
Conotoxia sp. z o.o. is responsible for operating as a payment institution.
Additionally, Cinkciarz.pl sp. z o.o. functions as a currency exchange service
provider and is a SWIFT member. Meanwhile, Conotoxia Ltd, licensed by CySEC,
provides services in the FX/CFD market.
Therefore,
while the KNF has revoked the domestic payment institution license according to
its latest decision, the Cyprus-issued license for conducting CFD transactions remains unaffected and in force.
Conotoxia's CySEC license
Conotoxia,
which operated through agents Cinkciarz.pl sp. z o.o. and Cinkciarz.pl
Marketing sp. z o. o., has been given until December 31, 2024, to terminate all
legal relationships arising from its payment services contracts and satisfy any
related claims.
The KNF has
stated it will closely monitor Conotoxia's wind-down process to ensure all
client funds are properly returned or transferred.
Finance Magnates wrote about Conotoxia over a year ago when the company celebrated a victory in a decade-long legal battle with another local digital currency exchange, Currency One SA. This rival had used Conotoxia's name as a search engine keyword to advertise its services. The court mandated Currency One to compensate Conotoxia with a payment of 2 million PLN (approximately 440,000 EUR) among other stipulations. Currency One has stated its intention to challenge the court's decision.
Update on October 4, 2024, at 11:00 AM. The article has been updated with Conotoxia's statement.
The Polish
Financial Supervision Authority (KNF) has unanimously revoked Conotoxia sp. z o.o.'s payment services license. It cited the company's failure to
ensure prudent and stable management of its payment services activities.
Polish Fintech Conotoxia
Stripped of Payment License
In a
statement released
yesterday (Wednesday), the KNF said its decision was primarily based on
Conotoxia's non-compliance with statutory obligations related to protecting
funds received from payment service users for the execution of payment
transactions.
“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.
The Polish regulator
has ordered Conotoxia to immediately cease opening new payment accounts and
stop accepting deposits or transfers to existing accounts. Existing account
holders will be allowed to withdraw funds or transfer them to other providers
until all obligations are settled.
“The
company remains fully at the disposal of the KNF. We cooperate openly and
honestly with the Commission, responding to all questions and concerns and
providing all required documents,” the company commented in an e-mailed
statement, originally in Polish, to Finance Magnates.
“At the
same time, we wish to inform that the company strongly objects to the decision
issued. Acting in the best interest of our clients, we are taking all legal
steps to overturn the decision made by the KNF as soon as possible."
It's
important to emphasize that Conotoxia, which operates the popular local fintech
brand Cinkciarz.pl, conducts business through several different companies.
Conotoxia sp. z o.o. is responsible for operating as a payment institution.
Additionally, Cinkciarz.pl sp. z o.o. functions as a currency exchange service
provider and is a SWIFT member. Meanwhile, Conotoxia Ltd, licensed by CySEC,
provides services in the FX/CFD market.
Therefore,
while the KNF has revoked the domestic payment institution license according to
its latest decision, the Cyprus-issued license for conducting CFD transactions remains unaffected and in force.
Conotoxia's CySEC license
Conotoxia,
which operated through agents Cinkciarz.pl sp. z o.o. and Cinkciarz.pl
Marketing sp. z o. o., has been given until December 31, 2024, to terminate all
legal relationships arising from its payment services contracts and satisfy any
related claims.
The KNF has
stated it will closely monitor Conotoxia's wind-down process to ensure all
client funds are properly returned or transferred.
Finance Magnates wrote about Conotoxia over a year ago when the company celebrated a victory in a decade-long legal battle with another local digital currency exchange, Currency One SA. This rival had used Conotoxia's name as a search engine keyword to advertise its services. The court mandated Currency One to compensate Conotoxia with a payment of 2 million PLN (approximately 440,000 EUR) among other stipulations. Currency One has stated its intention to challenge the court's decision.
Update on October 4, 2024, at 11:00 AM. The article has been updated with Conotoxia's statement.
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
