Papara Regains Operating License After Central Bank Suspension
A Turkish court has overturned a Central Bank decision to revoke the operating license of Papara, a leading electronic money company, allowing it to resume operations. The reversal comes after a legal challenge following initial concerns related to an investigation into illegal betting activities.
The saga began on May 27, 2025, when a trustee was appointed to Papara Elektronik Para A.Ş. by the Istanbul 3rd Criminal Court of Peace, case number 2025/5209 D. İş, as part of a broader investigation conducted by the Istanbul Chief Public Prosecutor’s Office. Subsequently, on October 30, 2025, the Central Bank of the Republic of Turkey (CBRT) issued a decision – number 11929/21528 – to cancel Papara’s operating permit, a decision formalized in the Official Gazette on October 31, 2025, under number 33063.
However, Papara swiftly contested the CBRT’s decision, filing a case with the Ankara 25th Administrative Court to stay the execution of the cancellation. On December 9, 2025, the court granted an interim decision in Papara’s favor, effectively halting the implementation of the Central Bank’s ruling.
“In this context, Papara will continue its activities following the reactivation of its system and infrastructure,” a company statement released on December 16, 2025, confirmed. The company further pledged transparency, stating that updates regarding the resumption of services would be shared regularly.
Papara also emphasized its commitment to combating illegal betting, asserting that it “will continue to maintain strict controls and inspections in accordance with the legislation.”
Public Announcement pic.twitter.com/T4neqjgRZz
The initial suspension raised concerns about the stability of Turkey’s burgeoning fintech sector. While the specific details of the illegal betting investigation remain largely undisclosed, the swift legal action taken by Papara and the eventual court ruling underscore the importance of due process and the protection of legitimate businesses operating within the digital financial landscape. This case highlights the increasing scrutiny faced by electronic money companies as regulators grapple with balancing innovation and risk mitigation.
The resolution of this dispute is expected to reassure both customers and investors, allowing Papara to refocus on its growth strategy and further solidify its position as a key player in the Turkish payments ecosystem.
