The Central Bank canceled the operating license of Papara Elektronik Para A.Ş. a decision published in the Official Gazette.
The decision to cancel Papara's operating license was announced in the Official Gazette.
The Central Bank said that the license to operate payment services and issue electronic money issued to Papara within the scope of the decision dated April 21, 2016 was terminated due to violation of relevant legal regulations.
The decision was published in the Official Gazette with notification No. 11929/21528 dated October 30, 2025. According to the notification, the cancellation was carried out in accordance with Articles 15, 16, 18 and 19 of Law No. 6493 on Securities Settlement and Settlement Systems, Payment Services and Electronic Money Institutions.
With this decision, Papara's right to operate as an electronic money institution in Türkiye has ended.
APPOINTEE
SDIF was appointed as trustee for the company within the scope of the “illegal betting and money laundering” investigation carried out by the Istanbul Chief Prosecutor's Office. On May 27, 13 people, including the company's owner, Ahmed Faruk Karslı, were arrested. Company owner Ahmed Faruk Karslı was accused of “leading an organization”. It is claimed that the company, which has been licensed to operate as a digital payment institution since 2016, has been intermediating the financial circulation of proceeds from illegal betting.
