Cinkciarz.pl strikes back: lawsuits for millions and fight for survival

The Polish Financial Supervision Authority withdraws Conotoxia’s license

Cinkciarz.pl’s legal actions come shortly after the Polish Financial Supervision Authority (KNF) withdrew the authorization to provide payment services to Conotoxia Sp. z o. ooperator of Cinkciarz.pl and Cinkciarz.pl Marketing. The Polish Financial Supervision Authority justified its decision by stating that Conotoxia failed to fulfill its statutory obligations related to the protection of customers’ funds by failing to ensure an appropriate level of security of funds accumulated in the accounts.

Lawsuit against Citibank for PLN 500 million

Cinkciarz.pl demands from Citibank PLN 500 million in compensation for participation in an alleged banking conspiracy. The charges concern refusing to open a bank account and preventing currency exchange transactions. Cinkciarz.pl claims that Citibank’s actions constitute limiting access to the market and violate the principles of fair competition.

Cinkciarz.pl Sp. z o. o. announces that it will soon take legal action against Citibank, demanding compensation in the amount of PLN 500 million. The reason for the lawsuit is a banking collusion, in which Citibank also participates, by refusing to allow an online currency exchange office to open a bank account in the territory of the Republic of Poland and to conclude currency exchange transactions.

Citibank’s decision constitutes restriction of market access through a gross violation of the principles of equal treatment of enterprises. This is another manifestation of violation of the conditions of fair competition, aimed at hindering the activities of currency exchange offices.

– wrote the Management Board of Cinkciarz.pl in a statement

Cinkciarz.pl also appeals to other currency exchange offices that may have suffered as a result of Citibank’s actions to come forward in order to jointly take legal action. The company suggests the possibility of submitting class action lawsuit against the bank.

As a company operating in accordance with the highest standards, we would like to appeal to other stationary and online currency exchange offices that may have been treated similarly by Citibank to contact us in order to jointly take legal action, with the possibility of filing a class action.

– added the Conotoxia Management Board

SGB-Bank accused of inciting to break off cooperation

Cinkciarz.pl also submitted notification to the Office of Competition and Consumer Protection about the use of competition-restricting practices by SGB-Bank. The company accuses the bank of persuading the associated cooperative banks to stop cooperating with the currency exchange office, which was supposed to lead to a decline in turnover. The case is currently being considered by the District Court in Poznań.

Cinkciarz.pl sp. z o. o. submits a notification to the Office of Competition and Consumer Protection (UOKiK) about the use of competition-restricting practices by SGB-Bank SA based in Poznań. The notification concerns the activities of SGB-Bank SA, which were aimed at eliminating Cinkciarz.pl from the currency exchange services market, in particular by persuading associated cooperative banks to cease cooperation with Cinkciarz.pl.

The submitted notification is based on a letter from SGB-Bank SA of May 27, 2015, in which the associating bank presented false and misleading information about Cinkciarz.pl, suggesting an alleged reputational and financial risk related to currency exchange through an online currency exchange office. As a result of these actions, most cooperative banks stopped cooperating with Cinkciarz.pl, which led to a sharp decline in the company’s turnover.

This case has been ongoing for years and is being conducted by the District Court in Poznań. The progress of this case and the evidence obtained entitle Cinkciarz.pl to demand the initiation of proceedings by the Office of Competition and Consumer Protection to investigate this matter and impose appropriate sanctions on SGB-Bank SA

– wrote the Management Board of Cinkciarz.pl in a statement