Cinkciarz.pl
The business, the turning points, and the decisions behind them.
01 / WHAT IT BUILT
What the company did
Cinkciarz.pl was one of Poland's best-known fintech brands — an online currency-exchange platform founded by Marcin Pióro in Zielona Góra that grew through the 2010s into a household name, partly through a seven-year sponsorship of the NBA's Chicago Bulls. Its parent constellation, Conotoxia Holding, built payment and brokerage arms in Poland, Cyprus and the United States, processing billions of zlotys in annual transaction volume. The collapse came fast: in October 2024 the Polish Financial Supervision Authority (KNF) abruptly revoked the payment-institution license of Conotoxia sp. z o.o., the entity powering Cinkciarz's operations, citing failures to safeguard client money and management lapses — immediately enforceable. Customers reported frozen accounts and incomplete transactions; prosecutors opened a criminal probe into alleged fraud and money laundering, with estimated customer losses climbing past PLN 185 million (about $50 million) and more than 5,000 victims; an Interpol red notice was issued for founder Pióro, who was detained in the US in May 2026. On October 27, 2025 the District Court in Zielona Góra declared Cinkciarz.pl sp. z o.o. bankrupt and appointed a trustee to liquidate its assets.
02 / Cinkciarz.pl FAILURE REASONS
Failure factors supported by the current evidence
FinanceFeeds reports Cinkciarz.pl’s collapse followed KNF’s October 2024 revocation of the payment-institution licence of Conotoxia sp. z o.o., which powered Cinkciarz operations, for failures to safeguard client money and management lapses; the immediately enforceable decision stopped transfers, accounts froze, and Poznań prosecutors later alleged fraud and money-laundering with customer losses near PLN 125 million.
KNF revoked Conotoxia’s domestic payment-institution licence in October 2024, citing failures to safeguard client funds and management lapses; the decision was immediately enforceable and stopped the group processing transfers.
Customers reported frozen accounts and incomplete transactions after the licence revocation.
Poznań prosecutors opened a criminal investigation into alleged fraud and money-laundering, with estimated customer losses near PLN 125 million.
03 / EVENT HISTORY
Events in the structured record
- Liquidation
Finance Magnates, citing InteriaBiznes: Sąd Rejonowy in Zielona Góra declared online FX firm Cinkciarz.pl bankrupt on 27 Oct 2025; Łukasz Grenda of Grenda-Restrukturyzacja appointed trustee to liquidate assets after finding permanent insolvency (insufficient assets to repay creditors; unable to continue operations). Creditor claims via KRZ within 30 days.
04 / CONTEMPORARY REBUILD ASSESSMENT
Difficulty of rebuilding this project today
Material for this section is being gathered and checked. It will appear here once ready.
Overall assessment: Not completed
05 / CAUSAL CHAIN
How the factors connect
- 01
2000s–2010s: founded by Marcin Pióro in Zielona Góra as an online foreign-exchange portal; grew into one of Central Europe's most recognizable online currency exchanges, processing billions of zlotys annually, boosted by a seven-year Chicago Bulls sponsorship.
- 02
October 2024: KNF abruptly revoked the payment-institution license of Conotoxia sp. z o.o., citing failures to safeguard client money; immediately enforceable, choking off the group's transfers; customers reported frozen accounts and incomplete transactions; Poznań prosecutors opened a criminal investigation into alleged fraud and money laundering.
- 03
March 2025: the Warsaw administrative court upheld KNF's decision; formal charges — including fraud, money laundering and participation in an organized criminal group — were filed against Pióro and other executives.
- 04
October 2025: Interpol issued a red notice for founder Marcin Pióro; on October 27 the District Court in Zielona Góra declared Cinkciarz.pl bankrupt, appointing Grenda-Restrukturyzacja as trustee; creditors given until November 26 to file claims.
- 05
May 2026: Pióro was detained in the US as the fraud probe topped PLN 185 million (about $50 million) in estimated customer losses, with roughly 8,000 creditors in the liquidation.