Commissioner for Human Rights

Citizens complain about irregularities in the operation of e-exchange offices. The Ministry of Finance announced amendments, but the project does not have a priority


The Polish Commissioner for Human Rights  has contacted the Ministry of Finance, headed by Magdalena Rzeczkowska, regarding irregularities in the functioning of electronic currency exchange services, in particular the online currency exchange platform called ''. Citizens have reported serious problems with this service, including delays in processing transactions and lack of refunds. Kantoria informed customers that it was processing transactions, but asked them not to make deposits into their bank accounts, which were eventually blocked. As a result, Kantoria's customers (perhaps more than 200 in number) were left without refunds and with their funds held in the '' account.
Faced with these difficulties, citizens began to complain to law enforcement agencies and the Financial Supervision Commission (KNF). However, the KNF stated that this exchange office was not subject to its supervision as it operated in the field of online currency exchange, for which there are no specific regulations.
The CHR has repeatedly stressed the need to regulate the activities of e-currency exchange bureaus and has been raising this issue with the Ministry of Finance for the past seven years. Unfortunately, despite the measures taken to regulate this issue, the legislative work has not yet been completed.
The Ministry of Finance has recognised that there is a real need to regulate the activities of so-called "online exchange offices". The Ministry emphasises that the foreign exchange market should only be operated by regulated and supervised entities and that unsupervised activities should not take place.
The Ministry has been working for some time on a draft amendment to the Foreign Exchange Act, which, among other things, aims to regulate the activities of electronic exchange offices and provide broader protection for customers using their services. The draft takes into account the diversity of foreign exchange transactions, such as cash, non-cash, mixed transactions, with or without additional services.
The Ministry has also sought to coordinate the draft with the KNF and the European Union Law Department of the Prime Minister's Office to ensure compliance with EU rules. Although the work encountered some difficulties, the Ministry is continuing its efforts to develop optimal legislative solutions for e-exchanges.