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Bank Millennium SACinkciarz. pl sues six banks, demands at least PLN 3 bln compensation
Polish fintech Cinkciarz. pl is suing six banks, BPS, BOS, Credit Agricole, ING BSK, Millenium and Getin Bank, for collusion in restricting foreign exchange activity in Poland, Cinkciarz said in a market filing. The company is demanding compensation of at least PLN 3 billion (EUR 694.5 mln).
Cinkciarz. pl is preparing lawsuits against banks: BPS, BOS, Credit Agricole, ING BSK, Millenium and Getin Bank for obstructing currency exchange activities on the territory of Poland at the aforementioned banks by preventing currency exchange transactions with these lenders.
"The aforementioned banks denied Cinkciarz. pl access to their currency platforms. Such actions of the banks directly affected and are affecting the functioning of the online exchange office Cinkciarz. pl, constituting acts of unfair competition," the market filing said.
"This is because preventing Cinkciarz. pl from concluding currency exchange transactions directly affects the time of transaction execution (Cinkciarz. pl has to transfer currencies to other banks where it has the possibility to exchange currencies, and then sends the currency back to the client of the bank that is a participant in the conspiracy), and the costs of the cantor's activity (leading to an inadequate increase in these costs due to high commissions for currency transfers)," it added.
It was reported that, as a consequence, the inability to exchange currencies with the banks BPS, BOS, Credit Agricole, ING BSK, Millenium and Getin Bank also deprives Cinkciarz. pl customers of the opportunity to complete transactions on terms more favourable than those offered by the banks.
"Cinkciarz. pl sp. z o.o. will refer this matter to Poland's anti-trust and consumer protection regulator UOKiK and other relevant authorities, expecting intervention and appropriate action," Cinkciarz wrote in the market filing.
On Monday, the company said it was preparing a lawsuit against BPS bank for PLN 500 million (EUR 115.8 mln), and cited collusion to impede the company's foreign exchange business as the reason.
In turn, at the beginning of October, the company reported that Cinkciarz is taking legal steps to repeal as soon as possible Poland's financial market regulator KNF's decision revoking Conotoxia's authorisation to provide payment services.
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