Operating Licenses of Three Electronic Money Institutions Revoked

Central Bank Revokes Licenses The operating licenses of three electronic money and payment institutions have been officially terminated following decisions published in the Official Gazette.
The Central Bank of the Republic of Turkey (TCMB) issued the rulings regarding the companies' authorization to provide financial services.
The institutions affected by the revocation include: TTM Elektronik Para ve Ödeme Hizmetleri A.Ş.
Klon Ödeme Kuruluşu A.Ş.
Fzypay Elektronik Para ve Ödeme Hizmetleri A.Ş.
The decisions, which were finalized and published in the Official Gazette, effectively end the legal standing of these organizations to operate as payment or electronic money institutions within the Turkish financial market.
The move comes as part of the regulatory oversight conducted by the TCMB on the financial technology sector.