Polish authorities have confirmed the arrest of Marcin Pióro, chief executive of online currency exchange Cinkciarz.pl, in the United States following months on Interpol’s most wanted list. The Regional Prosecutor’s Office in Poznań is now awaiting a US court decision on extradition procedures, with proceedings expected to return Pióro to Poland to face fraud and money laundering charges carrying up to twenty-five years imprisonment.
The case has grown substantially since investigations began in October 2024 when Poland’s financial regulator KNF revoked the payment services licence of Conotoxia, the Cinkciarz.pl subsidiary handling most currency exchange transactions. Customer losses now exceed 185 million zloty, approximately fifty million dollars, affecting over five thousand identified victims. That represents a sixty percent increase from figures cited when Interpol formalised the search earlier this year and significantly surpasses the initial 112 million zloty estimate from mid-2024.
Charges were formally filed against Pióro and other executives in March 2025, though he had already fled Poland. An Interpol Red Notice followed in July, triggering international cooperation that culminated in this week’s detention by US authorities working alongside Polish investigation teams.
The collapse underscores ongoing regulatory scrutiny facing payment institutions and foreign exchange platforms operating across multiple jurisdictions. Fintech firms should expect heightened due diligence requirements and closer supervision as authorities demonstrate willingness to pursue cross-border enforcement aggressively.
FXnCO Insight
This case confirms that payment licence revocation remains the opening move in criminal investigations, making continuous compliance monitoring essential rather than optional for multi-jurisdictional forex and payment businesses.
Source: Finance Magnates