17:33 17 December 2024
Online currency exchange Conotoxia in conflict with KNF
The online currency exchange platform Cinkciarz.pl and its parent company, Conotoxia, face financial and operational troubles. Following the KNF's (Polish Financial Supervision Authority) decision in October 2024 to revoke Conotoxia's payment services license due to management concerns, the company is required to settle all liabilities by December 31, 2024.
Approximately 60% of client funds have been returned, but uncertainty remains regarding the remaining funds' locations and timelines. Technical issues with Conotoxia's IT system could take 3-4 months to resolve. Conotoxia offers settlements with clients, promising higher interest (19.25%) if they agree to wait 12-18 months without taking legal action.
Despite revenue of PLN 70-80 million in 2022-2023, financial reports show persistent losses, raising concerns about the group's ability to meet repayment obligations.
(pb.pl)
