Cinkciarz.pl,
a major Poland-based fintech firm that offers currency exchange and retail
trading services, has announced its triumph in a court case that has spanned ten
years against another local online currency exchange, which had been using the
competing company’s name as a keyword to promote its services in search
engines. According to the court’s decision, it is obliged to pay Cinkciarz.pl,
among other requirements, PLN 2 million (EUR 440,000) in restitution.
The owner
of Internetowykantor.pl and Walutomat.pl, two online currency exchange services
operating in Poland, was ordered to apologize, provide compensation, and make a
charitable donation to Cinkciarz.pl, part of Conotoxia Holding. In addition, the ruling instructed the guilty
party to cease all illegal activities involving the use of the competitor’s
name as keywords in Google Ads.
The case focused on the use of the keywords ‘cinkciarz’ and ‘cinkciarz.pl,’ including deliberate misspellings, to manipulate search engine searches and redirect them to competitor websites. The accused, Currency One, carried on with these unlawful activities
despite receiving a pre-litigation notice, leading Cinkciarz.pl to launch a
lawsuit in 2013 and secure an injunction for the lawsuit’s duration.
Currency
One contested that the ‘cinkciarz’ trademarks were invalid, prompting
additional proceedings before the Polish Supreme Administrative Court and the
Court of Justice of the European Union (CJEU). A critical point of contention
was the claim by Currency One that the term ‘cinkciarz,’ which historically
described a person engaged in illegal currency exchange on city streets, is descriptive
of currency exchange services, and thus should not qualify for trademark
registration.
However,
Cinkciarz.pl received favourable rulings on this matter from both courts. They
confirmed that the term ‘cinkciarz’ lacks any current linguistic meaning and
can therefore be used as a business name and trademark.
“We are
happy to finally announce our victory. However, we will continue to seek a
higher amount of compensation, to which we believe we are entitled. After all,
we have endured many years of court battles and the unlawful marketing
practices of our competitors,” Marcin Pióro, the Founder and President of
Cinkciarz.pl, commented. “We are the leader in multi-currency exchange services
in Poland, and we are not afraid of competition. Still, fairness is a condition
for healthy competition.”
In its
ruling, the court in the polish city of Poznań, ordered Currency One to refrain
from using ‘cinkciarz,’ ‘cinkciarz.pl,’ or similar terms as keywords for Google
Ads and to publish a statement of apology on its websites for one month. In
addition, the company has to donate PLN 40,000 (EUR 8,800) to a designated
charity, compensate Cinkciarz.pl over PLN 2 million (EUR 440,000), plus
interest and reimbursement of 80% of Cinkciarz.pl’s legal fees.
Setting a Global Standard
for Online Trademark Violations
This case
illustrates the illegal nature of using not just a competitor’s trademarks in
Google Ads, but also similar words or deliberate misspellings. According to
Cinkciarz.pl, this ruling is expected to set a precedent for similar disputes,
given its far-reaching impact beyond Poland’s borders.
“Using a
competitor’s trademarks or name to position websites on the Internet is quite
common. Many businesses do not know how to defend themselves against this or
consider it economically unreasonable,” Janusz Mazurek, a partner and attorney at
SSW Pragmatic Solutions, explained. “The judgment we obtained in the Cinkciarz.pl case shows how to pursue such
claims and proves that a company that uses dishonest advertising need not go
unpunished.”
This ruling
signifies the seriousness of online trademark violations and showcases how
companies can defend themselves against such dishonest practices. Businesses
that have been deterred from taking action against illicit advertising due to
economic concerns or a lack of understanding can find reassurance in this
verdict’s implications.
“This is a
precedential ruling whose impact extends beyond Poland’s borders. So far, the
level of monetary damages awarded in similar cases has been symbolic,” Filip
Balcerzak, a partner at SSW Pragmatic Solutions, added.
New Director, New Product
and New Financial Report
Cinkciarz.pl
was the first online currency exchange operating on a mass scale in Poland. In
2017, it decided to expand its operations by introducing the CySEC-regulated
brand Conotoxia, offering retail forex (FX) and contracts for difference (CFD)
trading services.
By 2022,
Conotoxia, a subsidiary of Cinkciarz.pl, exhibited noteworthy growth. Its
revenue and transaction volumes experienced a visible surge compared to the
previous year, driving the group’s overall FX transaction turnover to $8.29
billion, indicative of a robust performance across the entire spectrum of
services and companies.
Conotoxia
reported an uptick of 5% in its currency exchange turnover in 2022, climbing from
$7.46 billion in 2021 to $8.29 billion. For other metrics, Conotoxia opts for a percentage and multiplier representation instead of precise numbers, showing
the extent of improvement in their performance in various business areas. Their
active client accounts surged, marking an increase of nearly 2.5 times, setting an
all-time record.
In a move
to diversify its current FX and CFD portfolio in March, Conotoxia introduced a
new investment advisory service with a minimal entry threshold, catering to
European retail traders. As documented in an official statement reviewed by Finance
Magnates, the new service offers retail traders personalized investment
guidance on specific financial instruments.
Entering
2023, Conotoxia named Ireneusz Pukin as the new Director of the national
branch, succeeding Daniel Kostecki who held the position since the branch’s
establishment in 2021.
Cinkciarz.pl,
a major Poland-based fintech firm that offers currency exchange and retail
trading services, has announced its triumph in a court case that has spanned ten
years against another local online currency exchange, which had been using the
competing company’s name as a keyword to promote its services in search
engines. According to the court’s decision, it is obliged to pay Cinkciarz.pl,
among other requirements, PLN 2 million (EUR 440,000) in restitution.
The owner
of Internetowykantor.pl and Walutomat.pl, two online currency exchange services
operating in Poland, was ordered to apologize, provide compensation, and make a
charitable donation to Cinkciarz.pl, part of Conotoxia Holding. In addition, the ruling instructed the guilty
party to cease all illegal activities involving the use of the competitor’s
name as keywords in Google Ads.
The case focused on the use of the keywords ‘cinkciarz’ and ‘cinkciarz.pl,’ including deliberate misspellings, to manipulate search engine searches and redirect them to competitor websites. The accused, Currency One, carried on with these unlawful activities
despite receiving a pre-litigation notice, leading Cinkciarz.pl to launch a
lawsuit in 2013 and secure an injunction for the lawsuit’s duration.
Currency
One contested that the ‘cinkciarz’ trademarks were invalid, prompting
additional proceedings before the Polish Supreme Administrative Court and the
Court of Justice of the European Union (CJEU). A critical point of contention
was the claim by Currency One that the term ‘cinkciarz,’ which historically
described a person engaged in illegal currency exchange on city streets, is descriptive
of currency exchange services, and thus should not qualify for trademark
registration.
However,
Cinkciarz.pl received favourable rulings on this matter from both courts. They
confirmed that the term ‘cinkciarz’ lacks any current linguistic meaning and
can therefore be used as a business name and trademark.
“We are
happy to finally announce our victory. However, we will continue to seek a
higher amount of compensation, to which we believe we are entitled. After all,
we have endured many years of court battles and the unlawful marketing
practices of our competitors,” Marcin Pióro, the Founder and President of
Cinkciarz.pl, commented. “We are the leader in multi-currency exchange services
in Poland, and we are not afraid of competition. Still, fairness is a condition
for healthy competition.”
In its
ruling, the court in the polish city of Poznań, ordered Currency One to refrain
from using ‘cinkciarz,’ ‘cinkciarz.pl,’ or similar terms as keywords for Google
Ads and to publish a statement of apology on its websites for one month. In
addition, the company has to donate PLN 40,000 (EUR 8,800) to a designated
charity, compensate Cinkciarz.pl over PLN 2 million (EUR 440,000), plus
interest and reimbursement of 80% of Cinkciarz.pl’s legal fees.
Setting a Global Standard
for Online Trademark Violations
This case
illustrates the illegal nature of using not just a competitor’s trademarks in
Google Ads, but also similar words or deliberate misspellings. According to
Cinkciarz.pl, this ruling is expected to set a precedent for similar disputes,
given its far-reaching impact beyond Poland’s borders.
“Using a
competitor’s trademarks or name to position websites on the Internet is quite
common. Many businesses do not know how to defend themselves against this or
consider it economically unreasonable,” Janusz Mazurek, a partner and attorney at
SSW Pragmatic Solutions, explained. “The judgment we obtained in the Cinkciarz.pl case shows how to pursue such
claims and proves that a company that uses dishonest advertising need not go
unpunished.”
This ruling
signifies the seriousness of online trademark violations and showcases how
companies can defend themselves against such dishonest practices. Businesses
that have been deterred from taking action against illicit advertising due to
economic concerns or a lack of understanding can find reassurance in this
verdict’s implications.
“This is a
precedential ruling whose impact extends beyond Poland’s borders. So far, the
level of monetary damages awarded in similar cases has been symbolic,” Filip
Balcerzak, a partner at SSW Pragmatic Solutions, added.
New Director, New Product
and New Financial Report
Cinkciarz.pl
was the first online currency exchange operating on a mass scale in Poland. In
2017, it decided to expand its operations by introducing the CySEC-regulated
brand Conotoxia, offering retail forex (FX) and contracts for difference (CFD)
trading services.
By 2022,
Conotoxia, a subsidiary of Cinkciarz.pl, exhibited noteworthy growth. Its
revenue and transaction volumes experienced a visible surge compared to the
previous year, driving the group’s overall FX transaction turnover to $8.29
billion, indicative of a robust performance across the entire spectrum of
services and companies.
Conotoxia
reported an uptick of 5% in its currency exchange turnover in 2022, climbing from
$7.46 billion in 2021 to $8.29 billion. For other metrics, Conotoxia opts for a percentage and multiplier representation instead of precise numbers, showing
the extent of improvement in their performance in various business areas. Their
active client accounts surged, marking an increase of nearly 2.5 times, setting an
all-time record.
In a move
to diversify its current FX and CFD portfolio in March, Conotoxia introduced a
new investment advisory service with a minimal entry threshold, catering to
European retail traders. As documented in an official statement reviewed by Finance
Magnates, the new service offers retail traders personalized investment
guidance on specific financial instruments.
Entering
2023, Conotoxia named Ireneusz Pukin as the new Director of the national
branch, succeeding Daniel Kostecki who held the position since the branch’s
establishment in 2021.
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- Source: https://www.financemagnates.com//fintech/fintech-firm-cinkciarzpl-wins-decade-long-trademark-dispute/
