Polish
prosecutors have opened an investigation into alleged abuse of power by the
country’s Financial Supervision Authority (KNF) following a complaint from
financial services firm Cinkciarz.pl (Conotoxia Holding), marking a stark
escalation in the dispute over the company’s revoked
payment license.
Polish Prosecutors Launch
Investigation into KNF
The
District Prosecutor’s Office in Jelenia Gora is leading the investigation,
which comes amid mounting tensions between the financial regulator and the
payment services provider. The probe, according to Cinkciarz.pl, will examine
claims of regulatory overreach and potential violations of European Union
banking regulations.
“Our
position is that the KNF not only broke the current regulations but also misled
customers and sent false notifications, resulting in blocking our company
accounts,” the company commented in an official statement.
Conotoxia
also wants to draw the attention from European authorities, seeking
intervention from the European Public Prosecutor’s Office (EPPO) and the
European Commission. The company alleges serious breaches of EU banking secrecy
laws, financial data protection regulations, and principles governing economic
freedom within the single market.
The company
suggested that the
KNF “violates the law” as early as October last year, at the time
indicating that it intended to take legal action to prove its case, a
stance it reaffirmed a month later. The latest update suggests that the
situation has taken a new turn.
$1.7B and Toiler Paper
Meanwhile,
there have been no developments regarding the multi-billion-dollar lawsuits
against Polish financial institutions for their alleged involvement in a
“banking conspiracy” against Cinkciarz. The company previously
claimed it would sue nearly a dozen banks for
a total of $1.7 billion.
No further
updates have emerged on this matter. However, Cinkciarz.pl announced that it
would begin producing…
toilet paper branded with the letters “KNF”—the exact same
acronym that forms the official name of the Polish financial regulator.
Meanwhile,
a prosecutor’s case against Conotoxia is underway, reportedly involving
1,200 alleged victims, 328 frozen accounts, and $50 million in Bitcoin that
has been seized.
“The
number of victims alone demonstrates the scale of this investigation,” Anna Marszałek, spokesperson for
the Regional Prosecutor’s Office in Poznań, responded to Polish local
newspaper Rzeczpospolita.
The KNF has
not immediately responded to Finance Magnates’ requests for comment on
the investigation.
Polish
prosecutors have opened an investigation into alleged abuse of power by the
country’s Financial Supervision Authority (KNF) following a complaint from
financial services firm Cinkciarz.pl (Conotoxia Holding), marking a stark
escalation in the dispute over the company’s revoked
payment license.
Polish Prosecutors Launch
Investigation into KNF
The
District Prosecutor’s Office in Jelenia Gora is leading the investigation,
which comes amid mounting tensions between the financial regulator and the
payment services provider. The probe, according to Cinkciarz.pl, will examine
claims of regulatory overreach and potential violations of European Union
banking regulations.
“Our
position is that the KNF not only broke the current regulations but also misled
customers and sent false notifications, resulting in blocking our company
accounts,” the company commented in an official statement.
Conotoxia
also wants to draw the attention from European authorities, seeking
intervention from the European Public Prosecutor’s Office (EPPO) and the
European Commission. The company alleges serious breaches of EU banking secrecy
laws, financial data protection regulations, and principles governing economic
freedom within the single market.
The company
suggested that the
KNF “violates the law” as early as October last year, at the time
indicating that it intended to take legal action to prove its case, a
stance it reaffirmed a month later. The latest update suggests that the
situation has taken a new turn.
$1.7B and Toiler Paper
Meanwhile,
there have been no developments regarding the multi-billion-dollar lawsuits
against Polish financial institutions for their alleged involvement in a
“banking conspiracy” against Cinkciarz. The company previously
claimed it would sue nearly a dozen banks for
a total of $1.7 billion.
No further
updates have emerged on this matter. However, Cinkciarz.pl announced that it
would begin producing…
toilet paper branded with the letters “KNF”—the exact same
acronym that forms the official name of the Polish financial regulator.
Meanwhile,
a prosecutor’s case against Conotoxia is underway, reportedly involving
1,200 alleged victims, 328 frozen accounts, and $50 million in Bitcoin that
has been seized.
“The
number of victims alone demonstrates the scale of this investigation,” Anna Marszałek, spokesperson for
the Regional Prosecutor’s Office in Poznań, responded to Polish local
newspaper Rzeczpospolita.
The KNF has
not immediately responded to Finance Magnates’ requests for comment on
the investigation.
This post is originally published on FINANCEMAGNATES.
