Polish
fintech Conotoxia (Cinkciarz.pl) is flushing back at regulators with an
unconventional product launch after losing its payment institution authorization.
The company claims that from now on, it will be producing… toilet paper, as it
“without requiring additional licenses.”

A Cheeky Response

The
currency exchange provider, whose license was revoked by the Polish Financial
Supervision Authority (KNF) in October 2024, announced plans to manufacture
toilet paper bearing the three letters, which form the regulator’s logo and
official abbreviation. The company has dubbed the product “KNF – I Love
Finance the Most,” in what appears to be a satirical jab at the authority’s
recent decision.

“Conotoxia
not only takes the lead in innovation in the world of finance but will soon
also bring to market a useful product that perfectly captures reality – KNF
toilet paper,” the company wrote in an official statement.

KNF
officially stands for “Komisja Nadzoru Finansowego” (Financial
Supervision Authority), but Conotoxia cheekily rebranded it as “Kocham
Najbardziej Finanse” (I Love Finance the Most). Both phrases share the
same initials – KNF.

The irony
is further enhanced by printing this loving declaration on toilet paper,
creating a not-so-subtle statement about what the company thinks of the
regulator’s actions.

“The company’s latest actions, taking the form of a publicity stunt aimed at the KNF, are certainly inconsistent with the seriousness of the situation faced by the exchange’s customers,” commented Jacek Barszczewski, the KNF’s spokesperson in a statement e-mailed to Finance Magnates.

From Digital Payments to
Paper Products

In an
unexpected pivot, Conotoxia intends to supply toilet paper to public
institutions across Poland through government tenders. The company also plans
to make the product widely available in the private sector, including stores.

“Conotoxia
intends to make this product available not only in public institutions but also
at petrol stations and other high-traffic locations,” the company added.

The
fintech’s core currency exchange operations remain theoretically unaffected by
KNF’s October decision, as these services do not require regulatory oversight.
However, the license revocation has impacted its payment services, including
multi-currency cards and payment accounts. Ultimately, this led to issues that forced Conotoxia to suspend its operations temporarily.

Legal Battle Continues

While
rolling out its unconventional response, Cinkciarz.pl continues its legal
challenge against KNF’s decision. The company has filed an appeal with the
Administrative Court, arguing that the regulator’s actions could harm rather
than protect customer interests.

The firm’s
management noted with apparent irony that, unlike its financial services, the
new toilet paper business venture requires no additional permits.

Earlier,
Conotoxia threatened Polish banks with lawsuits worth billions of Polish
zlotys. However, no such lawsuits have been reported so far. The question
remains whether the bold claims about producing its own toilet paper will meet
the same fate.

The Not-So-Funny
Consequences of a Bizarre Situation

While
Conotoxia and Cinkciarz.pl’s move may seem amusing, the growing number of
affected customers is no laughing matter. As Finance Magnates reported
in mid-January, 1,200 alleged victims have been unable to recover their funds.
As part of the investigation, Polish prosecutors have frozen 328 company
accounts and seized USB drives containing Bitcoin worth $50 million.

“For many months, customers of the online currency exchange Cinkciarz.pl have been waiting for the funds they entrusted to the company for conversion. In many cases, these are very large sums,” added Barszczewski. “The Regional Prosecutor’s Office in Poznań is conducting an investigation into suspected criminal activity by the management of Cinkciarz.pl.”

Furthermore,
social media has exposed alleged extravagant spending by the company’s
leadership. The CEO’s wife, known on social media as Victoria Ebermann,
reportedly documented a lavish lifestyle featuring luxury brands and high-end
vehicles—details that have intensified scrutiny over the company’s financial
management.

This article was written by Damian Chmiel at www.financemagnates.com.

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