Central Bank Revokes Operating Licenses of Three Payment and Electronic Money Institutions

According to decisions published in the Official Gazette, the Central Bank of the Republic of Turkey (CBRT) has revoked the operating licenses of three financial institutions, including Fzypay Elektronik Para ve Ödeme Hizmetleri A.Ş.
and Klon Ödeme.
In line with the decisions, all authorities of these companies within the financial markets have been officially removed.
The CBRT's decisions came into force immediately upon their publication in the Official Gazette.
Within this scope, the powers of the mentioned institutions to provide payment services and issue electronic money have completely ceased as of the publication date.
This move effectively bars the companies from conducting any further regulated financial activities in Turkey.