Conotoxia sp. z o.o. strongly condemns the actions of the Polish Financial Supervision Authority (KNF), which, according to us, are aimed at destroying the Company and harming thousands of customers. For three weeks, the KNF has been deliberately delaying the sending of our complaint against the decision to revoke the payment licence and the application to suspend the order of its immediate enforceability to the Voivodeship Administrative Court (WSA). Such malicious reluctance is not only unprofessional but, above all, detrimental to customers who are already suffering the consequences of the KNF's destructive decisions.
Deliberate and malicious delays by the KNF
The Authority reviewed hundreds of documents at express speed - in just two months - and issued a decision revoking the licence of Conotoxia sp. z o.o., smashing the very foundation of our business. Now, when it comes to allowing us to defend ourselves in court, the Authority has been unable to send the required documents to the WSA for three weeks. Such actions make a blatant mockery of the principles of fair administrative proceedings. They are a flagrant breach of the standards that should be expected of a financial market supervisory institution.
KNF harms customers and destroys their trust
The KNF's decision to revoke the licence of Conotoxia sp. z o.o. requires us to terminate more than 314,000 contracts with account holders by 31 December 2024. Not only does this mean difficulties for the Company, but it also causes chaos and harms our customers. The ban on accepting deposits and transfers leads to absurd situations such as:
- Refusal to accept deposits for complaints or chargeback procedures that should protect consumers.
- The impossibility of accepting refunds resulting from the withdrawal from a contract concluded remotely.
- Problems with processing transactions initiated before the KNF's decision came into force but completed after its implementation.
Instead of promoting customers' interests, the KNF harms them, introducing chaos and undermining confidence in the Polish financial market.
Shattering innovation and deliberately paralysing the Company
The KNF's actions also hit other companies belonging to Conotoxia Holding, in particular, Cinkciarz.pl sp. z o.o., which supported the activities of Conotoxia sp. z o.o. as an agent. The Authority is well aware that with its unjustified attack it is destroying one of the most dynamically developing Polish financial companies. The destabilisation caused by the KNF's decisions effectively deters potential investors who could contribute to the Company's further development.
KNF deliberately destabilises the market
We are in no doubt - KNF acts to the detriment of the Polish financial market. Deliberate delays, chaotic decisions and the lack of any responsibility for their consequences prove that an institution that should support development has become the main obstacle to innovation and competition in the financial sector.
Conotoxia will not stand down
Conotoxia sp. z o.o. does not intend to tolerate further abuse by the KNF. We will take all possible measures to enforce our rights, stop the effects of the destructive decisions and withdraw them from the market. We call on the Authority to immediately send the documents to the Voivodeship Administrative Court and put an end to the malicious delay that is harming thousands of customers and the entire financial market.
It is not the end of our fight. We will not allow officials to destroy innovative Polish companies and expose customers to losses without punishment. The actions of the KNF and its employees must be held accountable, and their consequences must be fully remedied.
Management Board of Conotoxia Holding