First statement from Papara following license revocation: The process will be conducted transparently

Papara has issued an official statement following the Central Bank of the Republic of Turkey's decision to revoke its operating license. The company announced that it would terminate its payment and electronic money services in accordance with the decision.

The statement indicated that, as required by legislation, the necessary procedures have been initiated immediately to ensure the secure return of all user funds.

Papara emphasized that the process would be conducted transparently and that user grievances would strictly not be permitted.

"WE ARE INITIATING IMMEDIATELY"

In the statement made by Papara, the following expressions were used: "As Papara, in line with the decision in question, we are terminating our payment and electronic money services and are immediately initiating the necessary procedures for the secure return of all user funds within the scope of the relevant legislation."

WHAT HAPPENED?

The decision regarding the revocation of Papara's operating license was published in the Official Gazette.

The Central Bank announced that the authorization for electronic money issuance and payment services, granted to Papara under the decision dated April 21, 2016, has been terminated due to non-compliance with the provisions of the relevant law.

The decision was published in the Official Gazette with the notification dated October 30, 2025, and numbered 11929/21528.

According to the notification, the revocation was carried out in accordance with Articles 15, 16, 18, and 19 of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services, and Electronic Money Institutions.

With this decision, Papara's authorization to operate as an electronic money institution in Turkey has ended.

A TRUSTEE HAD BEEN APPOINTED

Within the scope of the "illegal betting and money laundering" investigation conducted by the Istanbul Chief Public Prosecutor's Office, the Savings Deposit Insurance Fund (TMSF) had been appointed as a trustee to the company.

On May 27, 13 people, including the company owner Ahmed Faruk Karslı, were detained.

Company owner Ahmed Faruk Karslı is accused of "leading an organization."

It had been alleged that the company, which had held an operating license as a digital payment institution since 2016, acted as an intermediary for the financial circulation of illegal betting proceeds.

News Source: 12punto