Turkey Suspends Pay Fix and Aypara Licenses Over Illegal Gambling Investigations
The Central Bank of the Republic of Turkey has suspended the electronic money institution (EMI) licenses of Pay Fix and Aypara following ongoing investigations into illegal gambling activities. The move comes after reports linking both firms to processing millions of transactions for unauthorized betting platforms, often through cryptocurrency.
Regulatory Action Against Payment Firms
The Turkish Central Bank announced the suspension of licenses held by Pay Fix and Aypara, two electronic money institutions accused of facilitating financial operations for illegal gambling networks. The decision follows an extensive investigation led by the Financial Crimes Investigation Board (MASAK), which uncovered substantial evidence of unlawful activity.
The two firms were involved in processing a high volume of transactions for unlicensed betting sites. A significant portion of these transactions reportedly took place through cryptocurrency channels, making detection and regulation more challenging for authorities.
Central Bank’s Monitoring Efforts
In its official statement, the Central Bank of Turkey reaffirmed its commitment to regulatory oversight, stating it will maintain “surveillance and auditing activities with a proactive approach in order to ensure that payment and electronic money institutions operate securely, uninterruptedly, effectively and efficiently.”
In Turkey, all forms of land-based and online gambling are prohibited, except for services offered by the state-run Millî Piyango İdaresi. The agency holds an exclusive mandate to operate certain betting and gaming activities, including limited online offerings. Any operations outside this framework are deemed illegal.