😔 Turkey🇹🇷: Is Papara finished? Who's to blame and what now?

😔 Turkey🇹🇷: Is Papara finished? Who's to blame and what now?

Turkish fintech Papara has been declared a “criminal organization”. Thirteen employees were arrested in Istanbul, and authorities seized numerous assets, including 3 safes, 74 vehicles, 7 apartments, and villas. Some platform functions have been disabled for users.

▶️ Why? ⁉️ — Investigators found 26,012 Papara accounts linked to 102 illegal betting and gambling sites. The company is accused of money laundering, as large sums from these accounts were sent to 274 bank accounts, converted into cryptocurrencies, and dispersed across 16 digital wallets.

▶️ Who's who? ⁉️ — Papara offered online transfers, currency exchange, and bill payment services, boasting 21 million users. It operated under a license from BDDK (Banking Regulation and Supervision Agency of Turkey). A popular product was the Papara Card, sold in supermarkets as a kind of prepaid voucher, reloadable in stores or banks. Basic accounts only required a Turkish SIM, which made it popular among Russian users for paying international subscriptions and services.

▶️ Who's to blame? ⁉️ — Some analysts suspect political motivations. The company’s owner, Ahmed Faruk Karslı, is the son of the founder of the Centrist Party of Turkey, which advocates leaving the IMF, simplifying the tax system, and opposing Turkey’s EU membership. It’s worth noting that Ahmed Faruk was born in Saint Petersburg.

▶️ What now? ⁉️— This case could affect subsidiaries and international partners. For example, concerns have already been raised in Pakistan🇵🇰, where Papara acquired local wallet SadaPay last year. In 2023, Papara also acquired the Spanish neobank Rebellion Pay🇪🇸.

So far, Papara has not released an official statement. Users are advised to wait for confirmed information from authorities or the company.

#news #Asia #Europe #betting

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