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.
“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
