As part of Turkey’s ongoing efforts to fight illegal gambling and cryptocurrency-related crimes, authorities have arrested Erkan Kork. This marks a significant development in the country’s battle against such activities. He is the founder and chairman of Papara, a fintech company. This arrest is part of a broader crackdown on financial technology firms. These firms are allegedly facilitating unauthorized online betting operations and money laundering activities.
The Central Bank of the Republic of Turkey (TCMB) has intensified its oversight of electronic money institutions (EMIs). This follows revelations that some fintech companies were processing transactions for illegal gambling platforms. Authorities have suspended the licenses of Pay Fix and Aypara amid investigations into their involvement in such activities. With a significant portion of payments conducted through cryptocurrency, the Financial Crimes Investigation Board or MASAK reported that these firms processed millions of transactions for illicit betting sites.
Papara is a prominent player in fintech sector of Turkey. He has come under investigation for its purported role in facilitating transactions connected to illegal gambling operations. Authorities are investigating how Papara’s platform was used to process payments for unauthorized betting activities. Specific details about the volume and nature of these transactions remain undisclosed.
The use of cryptocurrencies has been a focal point in the crackdown of Turkey on illegal gambling. Authorities have identified that illicit gambling rings often use digital currencies to create untraceable financial trails and facilitate cross-border transactions. In a related case, Turkish authorities seized an estimated $40 million in cryptocurrency assets linked to an illegal gambling operation. This highlights the scale and complexity of such networks.
The Turkish government has reaffirmed its commitment to eradicating illegal gambling and the associated financial crimes. Mehmet Şimşek, Finance Minister, emphasized the resolve of the nation, stating that Turkey faces a huge battle against unauthorized betting and gambling sites. In support of this initiative, the Central Bank has vowed to continue its surveillance and auditing activities to make sure the payment and electronic money institutions operate securely and in compliance with regulations.
