Conotoxia sp. z o.o. has submitted a complete application to the Voivodship Administrative Court (WSA) for an urgent protective order. The Company within Conotoxia Holding seeks to suspend the Polish Supervisory Authority's decision to revoke its licence to provide payment services.
Conotoxia sp. z o.o. is an important part of the Polish-originated Conotoxia Holding. The Company offered popular and acclaimed online financial services. Multi-currency cards or international money transfers were massively used by individual and business users of the Conotoxia.com web portal. These include approximately 130,000 cardholders and more than 400 companies, which made the Conotoxia Pay payment gateway available in their online shops.
On 2 October this year, the Polish Supervisory Authority (KNF) unexpectedly revoked the Company's licence to provide payment services, overnight removing thousands of customers from financial instruments and aiming to destroy an innovative company with 100% Polish capital.
According to the Holding Management, the decision was issued in violation of applicable laws. Therefore, we turned to the Voivodeship Administrative Court, which obliged the KNF to hand over the necessary documents. This took place after a month's wait, on 16 December this year, i.e. on the last day allowed by the code. In contrast, the Authority's entire administrative procedure in the Conotoxia sp. z o.o. case took a record short time, only two months; similar actions usually take about 12-18 months.
What appears to be a deliberate stalling by the KNF of submitting the documents concerning the licence revocation to the Court harms the Company, its employees, owners, and service users. In the eyes of Conotoxia sp. z o.o., this is incompatible with the principles of fairness in administrative proceedings.
The Court, unlike the KNF, responded without undue delay by sending us a request for a formal supplement. On 23 December this year, Conotoxia sp. z o.o. sent all the required formal deficiencies via the ePUAP platform, hoping that the Court will consider these documents as soon as possible before the end of 2024.