Papara’s Operations Halted by Turkish Central Bank
Hey FinTech Fanatic!
The Central Bank of the Republic of Türkiye (CBRT) has permanently revoked the operating license of Papara, one of the country’s most prominent FinTechs.
The ban happened after an investigation into illegal betting and money laundering.
Authorities say more than 26,000 Papara accounts were linked to 102 unauthorized betting platforms between 2021 and 2023, with nearly ₺12 billion ($287M) moving through banks and crypto wallets.
Founder Ahmet Faruk Karslı and several executives were arrested earlier this year, and the company has since been placed under state control.
Papara had built a reputation for its prepaid cards, instant transfers, and cross-border ambitions in Europe and Asia. Its fall from grace now stands as one of the most high-profile FinTech enforcement cases in Türkiye to date.
This is a clear signal from regulators that AML/KYC enforcement will tighten sharply across the sector. What’s your take — will this reshape how FinTechs operate in the region?
Let’s make it a productive Monday! Here’s your FinTech rundown 👇
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