“As a result of the administrative proceedings and on the basis of supervisory findings, the Polish Financial Supervision Authority concluded that the company does not ensure prudent and stable management of its payment services activities, and therefore there is a reason to withdraw the company's authorization to provide payment services as a domestic payment institution” – announced by the Polish Financial Supervision Authority on Wednesday, October 2.
It was added that “the key factor for the above decision of the Polish Financial Supervision Authority was the company's failure to fulfill statutory obligations related to the protection of funds accepted from users of payment services for the execution of payment transactions.”
The Polish Financial Supervision Authority made a decision in the Cinkciarz case
The Commission reported that Conotoxia operated through agents – Cinkciarz.pl and Cinkciarz.pl Marketing. “The decision of the Polish Financial Supervision Authority is immediately enforceable. The result of issuing this decision will be the removal of the Company from the register of payment service providers and electronic money issuers kept by the Polish Financial Supervision Authority, together with its agents through which it provided payment services,” we read.
The Polish Financial Supervision Authority has established the following conditions and dates for the cessation of the provision of payment services by Conotoxia:
- from the moment the decision is delivered to the Company, it will cease concluding new agreements for maintaining a payment account, including agents;
- upon delivery of the decision to the company, it will cease, including through agents, to accept payments or transfers to all payment accounts maintained by the company, and in particular will prevent making such payments or transfers via the online platform or other tools used to provide services by the company;
- until the liabilities towards holders of payment accounts resulting from the payment services provided to them are settled, the company will enable holders of payment accounts maintained by the company to withdraw funds from these accounts or transfer them to payment accounts maintained with other providers;
- by December 31, 2024, the company will terminate all legal relations arising from all contracts concluded for the provision of payment services by the company, satisfying – in the manner provided by law – all claims in this respect.
Cinkciarz.pl customers point out problems. The company explains
As we reported earlier on Next.gazeta.plcustomers of the online currency exchange office Cinkciarz.pl complain that they receive money with delays. The case is being looked at by the Polish Financial Supervision Authority (KNF) and the Office of Competition and Consumer Protection (UOKiK). Delays in currency exchange and money transfers have been affecting Cinkciarz.pl customers for several weeks.
In the latest announcement, Cinkciarz.pl reminded that IT work is ongoing and should be completed by the end of October. The website explained that currency exchange and money transfer transactions may take slightly longer than usual. “This is due to technical issues that we are working to resolve” – underlined.