The Turkish Central Bank has revoked the operating license of Papara, one of the country’s most popular digital payment platforms.
Published in the Official Gazette on Oct. 30, the decision terminates the company's authorization, originally granted in 2016, to issue electronic money and provide payment services.
This ruling effectively ends Papara’s authority to operate as an e-money institution in Türkiye. The company previously offered online money transfers, foreign-exchange transactions and bill-payment services.
The move follows a major ongoing investigation by the chief public prosecutor’s office in Istanbul into allegations of illegal betting and money laundering. As part of that probe, the Savings Deposit Insurance Fund (TMSF) was appointed as trustee to the company earlier this year.
In May, 13 people, including the company’s owner, Ahmed Faruk Karslı, were detained on charges related to the case. Karslı is accused of leading a criminal organization.
Over 100 accounts opened through the platform were used on various unauthorized gambling and betting websites, according to prosecutors. The total volume of unlawful betting operations carried out via these channels amounted to 12.8 billion Turkish Liras (approximately $304 million).
