The company in question is called Zondacrypto and is accused by the Polish government of links to nationalist opposition groups, organized crime and Russian intelligence.
Poland's Sports Minister Jakub Rudnicki confirms in a post on X that Piesiewicz has been arrested.
"Such a person should never have been president of the Polish Olympic Committee... Piesiewicz has damaged the reputation of the Polish Olympic movement," the minister wrote.
The authorities launched an investigation in April, which led a majority of the country's sports federations to demand Piesiewicz's resignation.
According to media reports, Piesiewicz received a watch worth approximately 40,000 euros (approximately 440,000 SEK) as a gift from Zondacrypto.
Piesiewicz has claimed that he paid for the watch himself.
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