Central Bank Revokes Authorization of Parakolay Elektronik Para AŞ
The Central Bank of the Republic of Turkey announced that the operating authorization of Parakolay Elektronik Para AŞ has been revoked in accordance with the relevant legal provision.
With a new decision taken by the Central Bank of the Republic of Turkey, the authorization of Parakolay Elektronik Para AŞ to operate in the market as an electronic money institution has been revoked and announced to the public via the Official Gazette.
Decision Published in the Official Gazette
All details regarding this important decision taken by the Central Bank of the Republic of Turkey were officially announced with the communique published in the Official Gazette.
Reason and Basis for Revocation
The revocation of the said operating authorization was carried out pursuant to the relevant article of the Law on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions.
Past Authorization Process
The authorization to operate as an electronic money institution, which has now been revoked, was previously granted by the decision of the Central Bank of the Republic of Turkey on July 28, 2022.