Cinkciarz.pl after the decision of the Polish Financial Supervision Authority. What has changed?

Recent events related to withdrawal of consent by the Polish Financial Supervision Authority for the provision of payment services by Conotoxia Sp. z o. othe operator of the Cinkciarz.pl platform, significantly influenced the scope of available services. The decision of the Polish Financial Supervision Authority, although contested by the company, forced it to introduce changes in the functioning of some financial services. It is worth recalling that the withdrawal of consent by the Polish Financial Supervision Authority was due to violations related to payment regulations, which the company considered unfair, emphasizing that the decision was issued without prior warning and without the opportunity to defend its position.

Cinkciarz.pl services currently available

On the website cinkciarz.pl a list of operating platform services has appeared. Here they are:

• Currency exchange. Users can still exchange currencies via their bank account and currency wallet, and these operations continue to function unchanged. Unfortunately, fast payment methods have been temporarily disabled, which may slightly delay transaction processes. Standing orders and direct debits work without interruption. Social transactions and currency alerts are also available.

• Currency wallet. The currency wallet remains fully functional – users can top it up via bank transfers and withdraw funds to their accounts. The currency exchange process in the wallet also remains unchanged.

• Loans. Users can use the payday loan service to their bank account. However, it is worth noting that bank account numbers for loans concluded before October 16, 2024 have been changed.

• Invest & Forex. The Invest & Forex service operates without interruption, which is important for clients investing in international financial markets.

Services temporarily unavailable

And which services are not working? Here is the answer (current at the time of writing this message):

• Money transfers. Temporarily, you cannot make money transfers to other people or accept payments via links and BLIK. However, all transfers ordered before October 16, 2024 will be processed.

• Multi-currency cards. The use of multi-currency cards is currently not possible. They cannot be used to make transactions, order new cards or top up existing ones. However, funds accumulated on the cards may be withdrawn to the currency wallet, and refunds to the cards will be made in accordance with previous procedures.

• Payments (Cinkciarz Pay). Accepting new payments has been suspended, regardless of method, but withdrawals from the Merchant Panel are still possible.

• Cinkciarz Collect. We are currently unable to accept transfers from partners, which may impact some businesses that use this solution.

Due to the decision of the Polish Financial Supervision Authority, Cinkciarz.pl is fighting for survival and questioning the legality of the withdrawal of consent. The company has already filed lawsuits against banks, accusing them of collusion, and also announces legal actions aimed at repealing the decision of the Polish Financial Supervision Authority.