PayFix
Turkey
In late March 2025, the Central Bank of the Republic of Turkey (TCMB) initially suspended and subsequently permanently revoked the EMI operational license of PayFix, a fintech digital wallet provider. The action was taken after investigations revealed PayFix was allegedly processing illicit betting transactions. Executives were arrested on money laundering charges, and PayFix's assets were seized. BankPozitif, linked to the case, was placed under state trusteeship. The TCMB coordinated with Turkey's financial intelligence unit MASAK and prosecutors as part of a broader national anti-gambling campaign described as a 'great battle.' The revocation permanently excludes PayFix from the Turkish payments market.
Verified from source: Turkey's TCMB suspended and then fully revoked the Electronic Money Institution (EMI) license of PayFix amid an investigation into illegal gambling and money laundering. PayFix's chairman Erkan Kork was arrested, ₺6.9 billion in assets were seized, and 855 PayFix accounts were tied to illegal betting with approximately ₺4.2 billion funnelled to cryptocurrency exchanges.
- Demonstrates that regulators globally are willing to permanently revoke payment institution licenses over AML/illicit transaction concerns
- Signals heightened scrutiny of digital wallet and EMI providers facilitating suspicious transaction flows
- Coordinated multi-agency enforcement actions could become a model for other jurisdictions targeting fintech payment rails used for illegal purposes
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