A Turkish court has suspended the central bank’s decision to revoke the operating license of Papara, one of the country’s largest electronic money and payment services companies, the firm said, marking a new development in a case tied to an illegal betting investigation.
Papara said in a statement on X on Tuesday that Ankara’s 25th Administrative Court ruled earlier this month to stay the execution of the Turkish central bank’s decision to cancel its license, allowing the company to resume operations once its systems and infrastructure are reactivated.
The central bank revoked Papara’s license in late October, citing violations of legislation governing payment services and electronic money institutions. The decision was published in the Official Gazette on October 31 and followed an investigation into alleged illegal betting-related financial transactions.
Kamuoyuna Duyuru pic.twitter.com/T4neqjgRZz
— Papara (@Papara) December 16, 2025
In its statement Papara said the court issued the interim ruling on December 9 in response to the company’s lawsuit seeking a suspension of the license revocation.
The company said it would continue its activities after technical preparations were completed and pledged to share updates in line with the principle of transparency.
Papara also said it would maintain strict controls and oversight in accordance with regulations on combating illegal betting.
The case is linked to an investigation launched by the İstanbul Chief Public Prosecutor’s Office into alleged illegal betting and money laundering. As part of that probe an İstanbul court appointed trustees to oversee Papara and several related companies in May.
Prosecutors have accused suspects in the case of operating an organized crime network and facilitating illegal gambling transactions through Papara’s systems. An indictment drafted earlier this year sought prison sentences of up to 28 years for 25 defendants, including the company’s founder, Ahmet Faruk Karslı.
As part of the investigation an İstanbul court also appointed the Savings Deposit Insurance Fund (TMSF) as a trustee to oversee the 10 companies, including Papara Holding A.Ş.
According to the Financial Crimes Investigation Board (MASAK), 26,012 Papara accounts were allegedly used for illegal betting transactions totaling nearly 12.9 billion lira ($306.2 million), with the funds funneled into 274 different accounts.
In early June Papara told its customers that their balances were temporarily inaccessible due to an ongoing review, adding that restrictions would be lifted gradually for accounts found to be unrelated to the investigation.
The investigation into the company also had business repercussions, with the Fenerbahçe Sports Club ending its sponsorship deal with Papara on June 4.
Founded in 2015, Papara is one of Turkey’s leading financial technology firms, offering electronic money and payment services. According to the company website, it serves over 23 million individual users and 14,000 merchants, with a card transaction volume exceeding 8.5 billion lira ($263.5 million].
It employs more than 1,000 people and has over 8 million Papara cardholders. A licensed electronic money institution since 2016, Papara joined Visa’s global partner network in 2019 and has been featured twice on the Global FinTech 100 list of KPMG, a global network of professional services firms specializing in audit, tax and advisory services.
Founder Karslı served as CEO from 2020 to 2022 and resumed the role in February 2025. The company also had high-profile sponsorship deals with major Turkish sports clubs, including Trabzonspor, Fenerbahçe and Beşiktaş.
The operation against Papara is one of the most prominent in a series of high-profile investigations into financial institutions and digital platforms accused of enabling illicit activities in Turkey’s expanding fintech and online gaming sectors.
The court’s ruling does not end the case on the merits but temporarily halts the enforcement of the central bank’s decision while the judicial review continues.
