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 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 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, 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 article was written by Damian Chmiel at www.financemagnates.com.FinTechRead More
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