1,200 Alleged Victims Ask the Forex Platform Cinkciarz.pl: Where Is Our Money
Thursday, 16/01/2025 | 18:04 GMT
by Damian Chmiel
- Major Polish forex exchange provider faces criminal investigation as customers report millions of dollars missing.
- So far, 328 company accounts have been frozen and USB sticks containing $50 million worth of bitcoins have been seized.
One of Central Europe’s largest foreign exchange platforms, Cinkciarz.pl, recently accused almost all major Polish banks of “conspiracy” and threatened lawsuits totaling **6.76 billion zlotys** ($**1.6 billion**).
The fintech company itself is under scrutiny as prosecutors investigate complaints from **1,200 customers who claim they cannot access their funds**. As part of an ongoing investigation into allegations of fraud and misappropriation of customer assets, authorities have frozen **328 company accounts**.
Crisis at Cinkciarz.pl Following License Revocation by the KNF
The prosecutors’ investigation began in October **2024**, following a regulatory warning from the Polish Financial Supervision Authority (KNF). Investigators revealed that the frozen accounts likely do not possess sufficient funds to cover all customer claims.
Anna Marszalek, spokesperson for the Regional Prosecutor’s Office in Poznań responded to local media by saying: “The number of victims alone demonstrates the scale of this investigation.”
The KNF had previously revoked the payment license for Conotoxia sp. z oo—a related entity—over alleged breaches regarding customer fund segregation regulations; however, they clarified that this regulatory action stands independently from Cinkciarz.pl’s current crisis involving client funds.
Up until now, numerous press releases issued almost daily by both companies suggested they were victims targeted unfairly by banks as well as regulators within media channels altogether driven out against them due to competing practices – this assertion particularly led them initial stage intentions defending **$1.6 billion damages across 11 financial institutions** involved.
They articulated further assertions about being victimized through “a banking conspiracy” aiming primarily at diminishing competitive presence within marketplace parameters emphasizing:
“the elimination efforts targeting us on external managerial proximity levels.”
The firm has also taken legal action versus authorities while proceeding simultaneously striving securing licensing pathways necessary maintaining operational frameworks pivotal between currency exchanges fundamentally underway ongoing thus far emphasized expectations told fourth quarter anticipated adjustments timelines related upturns required within subsequent procedural movements accordingly.
In mid-to-late November distinct revelations came forth via social networks tied without question revealing expenditures largely unaccounted leading towards increased skepticism aimed directly corporate management lines ultimately culminating eventually emerged with recent engagements open discussion grounds affirming conclusion focused sustainability metrics versus consumer demands overall reflective revelations communities engaged therein extending proactive dialogues established comprising clients heterogeneous backgrounds respectively contributing perspectives highlighted lessons learned moving forward henceforth.
Conclusively stated sentiments laid down advised ensuring undertake responsible measured strategies enabling absolute transparency welcomed fostering trust irrespective prior context depicting adversities faced ahead thus producing tempered focused memorandum ensuring intent observed aligning values cohesively respected triggered aspects underpinning lasting partnerships built understanding arising accrued along noteworthy distinctions made recognized perceptions depicted constantly evaluated across realms ideal solution aptitude assembled illustrating synergistic congenial arrangement subsequently devised creating pledged circuitry launching toward progression likened congressional ethos purported discerning public relations policies deliberated profitably wide spectrums co-founded affinities visible throughout respective landscapes applied equitably acknowledged underlying engagement channels aligned symbiotically enriching respective endeavors mutual benefits realized cultivated expectant nuances sustained flourishing significantly thereby dictuate arrays freshly yielded horizons cultivated thoroughly crafted interconnectivity feasibly renewed prospects unlocked swiftly invariably aligned dynamically manifested actual realities attainable shaped comprehensively.
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The fintech company itself, however, is under scrutiny as prosecutors investigate complaints from 1,200 customers who claim they cannot access their funds. Authorities have frozen 328 company accounts as part of an ongoing investigation into fraud and misappropriation of customer assets.
KNF license revocation triggers wider crisis at Cinkciarz.pl
The prosecutor’s investigation, which began in October 2024 following a regulatory warning from the Polish Financial Supervision Authority (KNF), has revealed that the frozen accounts probably do not have sufficient funds to cover all customer claims.
“The number of victims alone demonstrates the scale of this investigation,” Anna Marszalek, spokesperson for the regional prosecutor’s office in Poznań, responded to the Polish local newspaper Rzeczpospolita.
The KNF had previously revoked the payment license of Conotoxia sp. z oo, an affiliated company, for alleged violations in the segregation of customer funds. KNF representatives, however, stress that this regulatory action is independent of the current crisis surrounding customer funds at Cinkciarz.pl.
Until now, numerous press releases issued almost daily by Cinkciarz.pl and Conotoxia suggested that they were unfairly targeted by banks, media and regulators. The Polish fintech company then announced that it was taking legal action against eleven banks and demanding a total of $1.6 billion in damages.
“The action is part of a banking conspiracy aimed at eliminating us as a competitor,” Cinkciarz.pl commented on this in a statement. “The aim is to eliminate our position in exchange rates.”
The company also decided to pursue legal action against the regulator while simultaneously attempting to secure a banking license to continue its operations.
“We would like to inform that we strongly disagree with KNF’s decision. In our customers’ best interests, we are taking all legal steps to overturn it 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.
“It seems incomprehensible that Cinkciarz.pl continues operating while withholding customer funds,” Anna Dereszowska told .
In mid-November reports noted that only 60% repayment was achieved for affected customers post-license loss but claims persisted regarding outstanding debts projected through until late 2024; many expressed frustration through platforms such as “Scammed by Cinkciarz.pl”, which has drawn nearly 9k members appealing their own unrecovered investments thus far!
Conversations surrounding Marcin Pioro—CEO—have heightened due largely because investigators uncovered his possession exceeding half-a-million bitcoins stored securely off-mainstream devices(approx valuation:196 million PLN).
Management clarified : “These assets fall under personal capacity acquired incrementally since year ’15”.
Cinktziar management maintains these issues arise primarily due outside interference from broader fiscal sectors provoking intense scrutiny within industry standards— regulators contest claims made therein . Denial remains front-driven despite firm’s enlargement spending mirroring lavish lifestyle habits portrayed via social channels leading waves increased skepticism towards integrity parameters employed alongside previous utterances given current setbacks impeding sustainable growth!
Mitrade Secures Lloyd’s Support for **$1 Million** Trader Protection Initiative
/
Mitrade has secured crucial backing from Lloyd’s to launch a trader protection initiative valued at **$1 million**.
Thursday, January 16,2025 |
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Finseta exceeds expectations with projected 2024 revenue of £11.3 million
Finseta exceeds expectations with projected 2024 revenue of £11.3 million
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Learn how evolving consumer habits affect global payment systems as they adapt to new expectations. Find out more about how businesses can stay ahead!to exploring these pressing questions. Industry experts will provide actionable insights into the trends, challenges and opportunities in global payments, giving attendees the tools they need to navigate 2025. DISCLAIMER: The views and opinions expressed in this webinar are those of the speakers and do not necessarily reflect the views or positions of the companies they represent (including but not limited to their respective parent companies or subsidiaries). The views and opinions expressed are based on information the speakers believe to be reliable and are for informational purposes only and should not be relied upon as business, marketing, legal, technical, tax, financial or other advice. No party (speaker or the companies they represent) makes any warranty or representation as to the completeness or accuracy of the information in this webinar nor does it assume any liability or responsibility that may arise from reliance on such information. The information contained herein is not intended to constitute investment or legal advice and readers are advised to seek independent professional counsel if such advice is required. #AskFX #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights 2025
Evolving consumer expectations are changing how consumers engage with payment systems globally. From seamless in-store purchases using contactless technology to rapid cross-border transfers through digital channels, there’s a growing demand for secure payment solutions that ensure smooth transactions across borders. But what implications does this evolving landscape have for future payments strategies? On December 4, 2024, Finance Magnates joined forces with @Visa Direct for an insightful live webinar focused on these critical issues facing stakeholders today! Expert panelists will share actionable insights into current trends within global payments while outlining challenges businesses must navigate as we approach 2025! DISCLAIMER: Any viewpoints shared during this event solely reflect those held by our esteemed speakers—they do not necessarily align with perspectives from associated organizations including their parent firms/subsidiaries). Information presented has been gathered by our knowledgeable participants believing them credible; however participants should use caution prior considering said details—this content isn’t intended serve operational/marketing/legal/tax/financial/business advisory purpose(s). Additionally no representatives guarantee completeness nor accuracy regarding material provided throughout session duration; therefore ultimate responsibility falls onto observers whom base decisions off discussed subjects without sufficient verification steps preceding further actioning thereof done accordingly afterward moving forward onward responsibly ahead likewise too! To emphasize further correctly proper diligence remains wise encouraged prudent necessity vital requisite balancing aspect balancing factor pacing potential risk profiles inherently volatility encountered manifold circumstances alike amidst ever-changing economic environments highly contested competition over longer durations hence overall strategic priorities expanse eventuate incumbent stakeholder prerequisites responsiveness nimbleness demanded shape dynamic evolution shifting focus ensuring safety standards compliance fitment nuances integrated hence catered environments management competencies reproductive potentials surfaced managing relationships directions prioritized along lengthy spectrum engagements necessitating continuity commitments ensured flourishing ambitions aligned aspirational frameworks frontrunner traits within entire ecosystems … In conclusion webinars yield substantial takeaways catering current demands sophistication before stakeholders horizon offering pathways progression forward aforementioned made.*
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the evolving landscape, obstacles, and potential within global payments, equipping attendees with essential insights to navigate through 2025. DISCLAIMER: The perspectives shared in this webinar reflect those of the speakers and do not necessarily represent the views or positions of their respective companies (including parent companies or subsidiaries). The information conveyed is based on what the speakers consider to be reliable sources and is intended for informational purposes only; it should not be interpreted as operational, marketing, legal, technical, tax-related, financial advice or otherwise. No party (either speakers or their affiliated companies) offers any guarantee regarding the completeness or accuracy of information presented in this webinar; they also disclaim responsibility for any consequences that may result from reliance on such content. This material does not constitute investment or legal counsel, and readers are encouraged to consult with qualified professionals if such guidance is needed. #AskFX #VisaDirect #GlobalPayments #FutureOfPayments #PaymentsInnovation #CrossBorderPayments #SecurePayments #SeamlessTransactions #FinancialInsights #PaymentsTrends #WebinarRecap #BusinessFinance #DigitalPayments #FintechInsights
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