Cinkciarz.pl continues to fight. Conotoxia accuses the Polish Financial Supervision Authority of killing business

At the beginning of October, the Polish Financial Supervision Authority (KNF) issued decision to withdraw the authorization to provide payment services by Conotoxia sp. z o. o. The company was forced to cease operations in Poland. He suffered because of it belonging to the same holding Cinkciarz.plwhich, apart from operating as an online currency exchange office (not covered by the supervision of the Polish Financial Supervision Authority), also provided additional payment services provided by Conotoxia.

Conotoxia accuses the Polish Financial Supervision Authority

After the permit is withdrawn Cinkciarz.pl sued several banksaccusing them of banking collusion and demanding billions in damages. At the same time, Conotoxia, the payment service provider for Cinkciarz.pl, announces actions aimed at eliminating the decisions of the Polish Financial Supervision Authority from legal circulation. The company announced that it was deliberately not accepting the PFSA’s decision (it has until October 16 to do so).

Conotoxia argues that The Polish Financial Supervision Authority is breaking the law – provision of art. 105 section 1 point 6) of the Payment Services Act. Having a choice of 6 supervisory measures against a company that has not previously been punished administratively, The Polish Financial Supervision Authority decided to liquidate it immediately. The Commission also did not give the company the opportunity to defend its position in the case. About the decision of the Polish Financial Supervision Authority Conotoxia she found out from the Internet. The Polish Financial Supervision Authority also hides the minutes of the meeting at which the decision to withdraw the permit was made.

Conotoxia: The Polish Financial Supervision Authority acts to the detriment of users

The manner in which the decision was disclosed by the Polish Financial Supervision Authority on the Internet resulted in unjustified market panic and inquisitorial court over the entire capital group, no financial institution is able to withstand such pressure – argues Conotoxia.

The company also complains that the decision of the Polish Financial Supervision Authority hits merchants using its services. Each of them spent large funds for the construction of the store (advertising, goods, people or maintenance), and the decision of the Polish Financial Supervision Authority results in another payment gateway from another supplier being connected to them no earlier than after 6-8 weeks. This will contribute to gigantic claims towards Conotoxia, for the estimated amounts from several to several dozen billion zlotys.

The company also announced that its clients they have about 100 thousand active multi-currency cards. Users will be deprived of the ability to use the cards, which will prevent them, among other things, from paying installments for a loan (especially in CHF), will make the work of people conducting international business or on business trips more difficult. This may mean further customer lawsuits worth several billion zlotys.

Conotoxia believes that this is the result of the activities of the Polish Financial Supervision Authority promoting the wrong use of the law by administrative authorities against entrepreneurs and their customers. The company even describes it as killing merchants’ business. The effect of the decision of the Polish Financial Supervision Authority is also to be: exclusion of Polish business from currency exchange and payment services to banks with foreign capital.

Conotoxia also revealed that the holding companies they planned to merge into a bankabout which the Polish Financial Supervision Authority was informed. A bank with this number of customers would rank in 11th position in Poland (approx. 1 million customers). This plan was foiled.

We will fight to draw legal consequences from all people involved in breaking regulations on the supervisory side

– declares Conotoxia.

The company also announces that it will be postulate a change in regulations regarding the supervision of payment services – currently, the authorization to provide payment services is withdrawn has immediate effect after delivery of the decisionwhich immediately destroys a given business, and the possibilities of appeal are only after-the-fact actions.