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The Central Bank of the Republic of Türkiye (CBRT) lifted its decision to revoke Papara’s operating license on Wednesday, following a court ruling that suspended the cancellation.
In October, the central bank had suspended the digital payment platform’s license over a court decision tied to a money laundering probe targeting the company.
In May, authorities launched an operation targeting Papara as part of an investigation led by the Istanbul Chief Public Prosecutor’s Office into alleged crimes, including illegal betting, forming and participating in a criminal organization, and laundering assets obtained through criminal activity.
Within the probe, the company’s owner, Ahmet Faruk Karsli, and 12 others were arrested, and a court appointed a trustee to oversee the management of Papara.
The latest decision allows Papara to continue its operations under a state trusteeship.
Founded in 2016, Papara is one of Türkiye’s largest fintech companies, with 23 million users and a card payment volume of ₺8.5 billion, according to information on its website. The company also offers international money transfer services to over 100 countries, including EU member states, the United Kingdom, the United States, and Canada.
Papara has also expanded through acquisitions, becoming the majority stakeholder in Spain-based Rebellion Pay and Pakistan-based SadaPay.
An indictment by the Istanbul Chief Public Prosecutor’s Office seeks up to 28 years in prison for Papara owner Ahmed Faruk Karsli and company executives over alleged involvement in illegal betting operations, money laundering, and establishing a criminal organization.
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