One of
Central Europe’s largest currency exchange platforms, Cinkciarz.pl, recently
accused nearly all major Polish banks of “conspiracy” and threatened
lawsuits totaling 6.76 billion zlotys ($1.6 billion).
However,
the fintech company itself is under scrutiny as prosecutors investigate
complaints from 1,200 customers who claim they are unable to access their
funds. Authorities have frozen 328 company accounts as part of an ongoing
investigation into allegations of fraud and the misappropriation of customer
assets.
KNF License Revocation
Sparks Broader Crisis at Cinkciarz.pl
The
prosecutor’s investigation, which began in October 2024 following a regulatory
alert from the Polish Financial Supervision Authority (KNF), has revealed that
the frozen accounts likely contain insufficient funds to cover all customer
claims.
The KNF
had previously revoked the payments license of Conotoxia sp. z o.o., a
related company, for alleged regulatory violations regarding client fund
segregation. However, KNF officials emphasize that this regulatory action is
separate from the current crisis involving customer funds at Cinkciarz.pl.
Until now,
the numerous press releases issued almost daily by Cinkciarz.pl and Conotoxia
suggested that the fintech was being unfairly targeted by banks, the media, and
regulator. As a result, the Polish fintech claimed it intended to take legal
action against
11 banks, seeking a total of $1.6 billion in damages.
“The action
is part of a banking conspiracy that Cinkciarz.pl sp. z o.o. reveals,”
Cinkciarz.pl commented in a statement. “It aims to eliminate the company as a
competitor to the bank in exchange rates offered.”
The company
also decided to pursue legal action against
the regulator while simultaneously attempting to secure a banking
license to continue its operations.
“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,” Conotoxia stated in October.
Celebrities and Bitcoins
The scandal
gained significant public attention when prominent Polish actress Anna
Dereszowska revealed she had been unable to recover 436,000 zlotys ($110,000)
since November. Her social media posts triggered an avalanche of similar
complaints from other customers.
“The
fact that Cinkciarz.pl is withholding customers’ funds has not yet reached the
broader public. It is incomprehensible that the Cinkciarz.pl website is still
operational and the exchange is still accepting money,” Anna Dereszowska
told Rzeczpospolita.
In
mid-November, the company announced that
it had managed to repay 60% of all customers since losing its license. At
the time, it claimed it would settle all outstanding debts by the end of 2024.
However, a Facebook group called “Defrauded by
Cinkciarz.pl,” which has nearly 9,000 members, includes individuals
who claim they have yet to recover their funds.
Moreover,
investigators discovered that the company’s CEO, Marcin Pióro, holds
approximately 492 bitcoins worth 196 million zlotys ($50 million) on personal
storage devices, Polish local newspaper Rzeczpospolita reported this
week.
“Bitcoins
belong to Marcin Pióro as a private individual. They have been acquired since
2015,” the Cinkciarz management wrote.
Cinkciarz.pl’s
management has attributed the crisis to external factors, including alleged
systematic banking obstacles and regulatory pressures. The company claims the
KNF’s actions forced an unrealistic timeline for IT infrastructure changes,
though regulators dispute this characterization.
Adding to
the controversy, social media have uncovered evidence of alleged lavish spending by
company leadership. The CEO’s wife, known on social media as Victoria Ebermann,
documented a reportedly extravagant lifestyle featuring luxury brands and high-end
vehicles, details that have intensified scrutiny of the company’s financial
management.
One of
Central Europe’s largest currency exchange platforms, Cinkciarz.pl, recently
accused nearly all major Polish banks of “conspiracy” and threatened
lawsuits totaling 6.76 billion zlotys ($1.6 billion).
However,
the fintech company itself is under scrutiny as prosecutors investigate
complaints from 1,200 customers who claim they are unable to access their
funds. Authorities have frozen 328 company accounts as part of an ongoing
investigation into allegations of fraud and the misappropriation of customer
assets.
KNF License Revocation
Sparks Broader Crisis at Cinkciarz.pl
The
prosecutor’s investigation, which began in October 2024 following a regulatory
alert from the Polish Financial Supervision Authority (KNF), has revealed that
the frozen accounts likely contain insufficient funds to cover all customer
claims.
The KNF
had previously revoked the payments license of Conotoxia sp. z o.o., a
related company, for alleged regulatory violations regarding client fund
segregation. However, KNF officials emphasize that this regulatory action is
separate from the current crisis involving customer funds at Cinkciarz.pl.
Until now,
the numerous press releases issued almost daily by Cinkciarz.pl and Conotoxia
suggested that the fintech was being unfairly targeted by banks, the media, and
regulator. As a result, the Polish fintech claimed it intended to take legal
action against
11 banks, seeking a total of $1.6 billion in damages.
“The action
is part of a banking conspiracy that Cinkciarz.pl sp. z o.o. reveals,”
Cinkciarz.pl commented in a statement. “It aims to eliminate the company as a
competitor to the bank in exchange rates offered.”
The company
also decided to pursue legal action against
the regulator while simultaneously attempting to secure a banking
license to continue its operations.
“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,” Conotoxia stated in October.
Celebrities and Bitcoins
The scandal
gained significant public attention when prominent Polish actress Anna
Dereszowska revealed she had been unable to recover 436,000 zlotys ($110,000)
since November. Her social media posts triggered an avalanche of similar
complaints from other customers.
“The
fact that Cinkciarz.pl is withholding customers’ funds has not yet reached the
broader public. It is incomprehensible that the Cinkciarz.pl website is still
operational and the exchange is still accepting money,” Anna Dereszowska
told Rzeczpospolita.
In
mid-November, the company announced that
it had managed to repay 60% of all customers since losing its license. At
the time, it claimed it would settle all outstanding debts by the end of 2024.
However, a Facebook group called “Defrauded by
Cinkciarz.pl,” which has nearly 9,000 members, includes individuals
who claim they have yet to recover their funds.
Moreover,
investigators discovered that the company’s CEO, Marcin Pióro, holds
approximately 492 bitcoins worth 196 million zlotys ($50 million) on personal
storage devices, Polish local newspaper Rzeczpospolita reported this
week.
“Bitcoins
belong to Marcin Pióro as a private individual. They have been acquired since
2015,” the Cinkciarz management wrote.
Cinkciarz.pl’s
management has attributed the crisis to external factors, including alleged
systematic banking obstacles and regulatory pressures. The company claims the
KNF’s actions forced an unrealistic timeline for IT infrastructure changes,
though regulators dispute this characterization.
Adding to
the controversy, social media have uncovered evidence of alleged lavish spending by
company leadership. The CEO’s wife, known on social media as Victoria Ebermann,
documented a reportedly extravagant lifestyle featuring luxury brands and high-end
vehicles, details that have intensified scrutiny of the company’s financial
management.
This post is originally published on FINANCEMAGNATES.
