Business · Economy · 1 day ago
Turkey’s central bank cancels Parakolay’s operating licence
Turkey’s central bank has cancelled Parakolay Elektronik Para A.Ş.’s licence to operate as an electronic money company.
The company received permission to operate in July 2022, and the cancellation was published in Turkey’s Official Gazette on 10 October 2026.
The decision cites a law that allows the central bank to cancel a licence, but it does not explain what specific findings led to this action.
A previous company notice said some services had been temporarily suspended while account management and money transfers continued, though the notice was undated.
The law says customer funds are to be used to meet account holders’ rights and other legal obligations when a licence is cancelled.
That does not guarantee that every customer will receive their money immediately or in full.
No repayment method or timetable has been announced, and customers’ next steps depend on further information about balances and pending payments.
The Central Bank of the Republic of Türkiye (TCMB) revoked Parakolay Elektronik Para A.Ş.'s licence to operate as an electronic money institution.
The licence had been granted on 28 July 2022, and the revocation was made under Article 21(8) of Law No. 6493.
The decision was published in Türkiye's Official Gazette on 10 October 2026.
A previous, undated notice on Parakolay's website said some payment services and its authority to issue electronic money had been temporarily suspended, while account operation and money transfers continued.
The law provides for customer funds to be used to meet fund holders' rights and legal obligations when a licence is revoked, but the reported decision does not set out a refund method or timetable.
The specific findings behind the revocation and the arrangements for returning customer balances have not been disclosed in the articles.
- Who
- The Central Bank of the Republic of Türkiye and Parakolay Elektronik Para A.Ş.
- What
- The TCMB revoked Parakolay's licence to operate as an electronic money institution.
- When
- The decision was made on 7 October 2026 and published on 10 October 2026.
- Where
- Türkiye
- Why
- Not stated; the decision cites Article 21(8) of Law No. 6493, but the specific findings were not disclosed.
This story does not have two clearly opposing sides.
Parakolay Elektronik Para A.Ş.’ye 20/6/2013 tarih ve 6493 sayılı Ödeme ve Menkul Kıymet Mutabakat Sistemleri, Ödeme Hizmetleri ve Elektronik Para Kuruluşları Hakkında Kanun (Kanun) kapsamında Bankamızın 28/7/2022 tarih ve 11285/20884 sayılı Kararı ile verilen elektronik para kuruluşu olarak faaliyette bulunma izninin Kanunun 21 inci maddesinin sekizinci fıkrası uyarınca iptal edilmesine karar verilmiştir.
The TCMB granted Parakolay permission to operate as an electronic money institution.
An undated notice on Parakolay's website said some services had been temporarily suspended while account operation and money transfers continued.
The TCMB decided to revoke Parakolay's operating permission.
The revocation decision was published in the Official Gazette.
- Company
- Parakolay Elektronik Para A.Ş.
- Regulator
- Central Bank of the Republic of Türkiye (TCMB)
- Original licence date
- 28 July 2022
- Revocation decision date
- 7 October 2026
- Legal basis
- Article 21(8) of Law No. 6493
- Customer refund timetable
- Not stated in the reported decision
Sources
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