Cinkciarz.pl Under Fire: Frozen Accounts, Missing Funds

Cinkciarz.pl, one of Central Europes largest currency exchange platforms, has made headlines after accusing major Polish banks of conspiring to undermine its operations. The company has threatened legal action amounting to 6.76 billion zlotys ($1.6 billion) in damages. However, the platform is now under intense scrutiny following allegations of fraud and the mismanagement of customer funds.

Polish authorities have launched a criminal investigation into the company. The inquiry, which began in October 2024, has led to the freezing of 328 Cinkciarz.pl accounts. Prosecutors disclosed that the frozen funds are unlikely to cover the claims of 1,200 affected customers. Many clients report being unable to access their money, and the total scope of the issue suggests a crisis of significant proportions.

The Polish Financial Supervision Authority (KNF) previously revoked the payment license of Conotoxia sp. z o.o., a company associated with Cinkciarz.pl, citing non-compliance with regulations on client fund segregation. While KNF officials clarified that this action is separate from the current investigation, it has intensified the scrutiny surrounding the fintech giant.

Cinkciarz.pl has issued frequent public statements alleging that its troubles stem from coordinated actions by banks, regulators, and media outlets. It claims the goal of these parties is to eliminate it as a competitor in currency exchange services. The company also announced plans to sue 11 banks and the KNF while pursuing a banking licence to restore operations.

The scandal gained widespread attention when Polish actress Anna Dereszowska revealed her struggle to recover 436,000 zlotys ($110,000) from the platform. Her revelations prompted a flood of similar complaints, with thousands of users claiming unresolved issues with their funds.

In response, the company stated it had repaid 60% of customers by mid-November and promised to settle all outstanding claims by the end of 2024. Despite these assurances, a Facebook group titled “Defrauded by Cinkciarz.pl,” with nearly 9,000 members, suggests many customers are still awaiting refunds.

Adding to the investigation‘s complexity, authorities have uncovered that the company’s CEO, Marcin Pióro, holds 492 bitcoins valued at 196 million zlotys ($50 million). Cinkciarz.pls management asserts these holdings are private assets accumulated since 2015.

However, scrutiny of the company‘s leadership extends beyond financial assets. Social media posts by the CEO’s wife, featuring an opulent lifestyle marked by luxury goods and vehicles, have fuelled public criticism. Many have questioned the companys financial management and priorities amid the ongoing crisis.

Cinkciarz.pl has blamed external factors for its predicament, alleging that systematic banking obstacles and regulatory pressures have destabilised its operations. It also accused the KNF of imposing an unrealistic timeline for compliance upgrades, though regulators reject these claims.