Media reports have emerged over the past few days stating that Erkan Kork, the Chair of Pay Fix, had been arrested along with some other significant people involved with the firm.
The Financial Crimes Investigation Board (MASAK) states that the firms processed millions of transactions for illegal betting sites, with many payments processed via cryptocurrency.
Both land-based and online gambling are completely banned in Turkey except for the state-owned national lottery, Millî Piyango İdaresi, which also provides some online betting and gaming services.
Turkey’s Central Bank subsequently announced that the Electronic Money Institution (EMI) licences held by Pay Fix and Aypara had been revoked due to many arrests on illegal gambling charges.
EMI licences essentially mean that a payments firm sits in a tier below a..