The Central Bank of the Republic of Türkiye has lifted its decision to revoke Papara’s license, following a ruling that suspended the cancellation.
The CBRT previously suspended the platform’s operating rights over a court decision related to a money laundering probe targeting the company. Back in May 2025, authorities launched an investigation into Papara as part of an operation led by the Istanbul Chief Public Prosecutor’s Office into alleged crimes, such as illegal betting, forming and participating in a criminal organisation, and laundering assets obtained through criminal activity.
Papara’s legal journey
As a result of the investigation, the company’s owner and 12 other individuals were arrested as the court appointed a trustee to oversee Papara’s management in the meantime. However, CBRT’s recent decision allows the company to return to its normal operations under a state trusteeship.
An announcement by the Istanbul Chief Public Prosecutor’s Office seeks to have Papara’s owner sentenced to 28 years of prison over alleged involvement in illegal betting operations, money laundering, and establishing a criminal group.
Founded in 2016, the firm is one of Türkiye’s most prominent fintechs, with 23 million users and a card payment volume of approximately EUR 165 million. Papara also offers cross-border money transfer services to over 100 countries, including EU member states, the US, the UK, and Canada. The company expanded through acquisitions, becoming the majority stakeholder in Rebellion Pay and SadaPay, a Spain-based company and a Pakistan-based firm, respectively.
According to a report from the Istanbul Chief Public Prosecutor's Office, the company received a permit to operate as an electronic money institution in 2016, indicating further that the company's accounts can collect fees at each transfer stage related to crypto exchanges and illegal betting. This can mean that the subsequent examination of these accounts did not disrupt betting transactions and allowed the company to earn income from these transactions.
