After
losing its payments license, the Polish fintech company Cinkciarz.pl, part of Conotoxia Holding, has filed a complaint with consumer protection watchdog UOKiK
over several banks’ refusal to provide SWIFT messaging access. According to the
company, this highlights growing tensions between traditional banks and fintech
players in the region.

Polish Fintech Cinkciarz.pl
Challenges Banks Over SWIFT Access Restrictions

The
Conotoxia Holding subsidiary alleges that multiple Polish banks, including ING,
Credit Agricole, BOŚ, and VeloBank, have explicitly denied requests to enable
SWIFT communication for domestic transfers1. Even banks that agreed to provide
access are implementing the changes at an unusually slow pace.

“Currently,
transferring funds within banking systems in Poland takes much longer than
international transactions via SWIFT,” Cinkciarz.pl commented today (Monday). “For
example, the pounds sent from foreign banks to Poland are posted within
minutes, whereas transfers between banks in Poland can take many hours.”

Cinkciarz.pl’s
recent actions, marking a full-scale battle with the Polish banking system,
stem from a decision by the local market watchdog, the KNF, in early October. The
KNF revoked the payment license of its subsidiary, Conotoxia sp. z o.o.,
effectively disrupting its ability to operate as an online currency exchange.

The company
has submitted complete documentation to the UOKiK and highlighted the need for
clearer regulatory provisions, particularly regarding the maximum response time
banks are allowed for such requests. Cinkciarz.pl emphasizes that integrating
SWIFT for bank transactions could greatly enhance efficiency, minimize current
delays, and significantly lower transaction costs.

Although
Cinkciarz.pl blames the regulator and local banking system for its issues, a
Polish-language Facebook group allegedly comprising individuals
“harmed” by the fintech has grown to over 6,000 people. Many members
report waiting weeks to withdraw their funds. In an official statement last
week, the
fintech claimed it had returned 60% of customer funds following the license
revocation. It also assured that it plans to settle all obligations by the end
of the year, meeting the deadline set by the KNF.

“We
fully understand customers’ concerns regarding the return of funds for their
currency exchange transactions,” stated Conotoxia in its announcement.
“We process refund transfers on a daily basis.”

Cinkciarz.pl Challenges
KNF in Court

Last week,
Cinkciarz.pl initiated legal
action against the KNF following the regulator’s decision to revoke its
operating license. The fintech argues that the move, rather than protecting
customer interests, may harm them. The case focuses on the KNF’s recent
objection to Conotoxia’s use of bank accounts owned by its agent, Cinkciarz.pl,
to handle customer funds—a practice the company claims has been accepted by the
regulator since 2017.

The
conflict between Conotoxia and the KNF has intensified over the past month,
with the fintech accusing the regulator of “violating
the law” and endangering its business. Additionally, the KNF issued a
negative recommendation on Conotoxia’s application for a European banking
license, a step the company sees as vital for sustaining its operations.

Conotoxia
has also announced plans to sue nearly all major banks in Poland, alleging a
“conspiracy”
to obstruct its activities. The lawsuits could involve 11 banks, with claimed
damages reaching
6.75 billion zlotys ($1.65 billion). At the same time, the company is
working to attract foreign investment to stabilize its business. Last month,
Conotoxia revealed that it was in advanced discussions with an investment fund,
which could provide essential financial support.

As the
fintech faces mounting regulatory and operational challenges, its legal battles
and
pursuit of a European banking license remain central to its strategy for
navigating the crisis.