The Central Bank of the Republic of Türkiye (CBRT) has revoked the operating licence granted to Parakolay Elektronik Para A.Ş. as an electronic money institution. The decision was published in the Official Gazette dated October 10, 2026, issue 33396, ending the validity of the company’s 2022 authorisation to operate under that status.
Legal basis of the decision
According to the brief decision published in the Official Gazette, the revocation was made under Article 21, paragraph eight, of Law No. 6493 on Payment and Securities Settlement Systems, Payment Services and Electronic Money Institutions. The CBRT decision is dated October 7, 2026. Parakolay had received its electronic money institution licence through a CBRT decision dated July 28, 2022.
The published text identifies the legal basis for the measure but does not disclose detailed findings from any supervisory process concerning the company. It would therefore be inaccurate to draw conclusions about the underlying reasons beyond what the official decision states. TRT Haber, Bloomberg HT and Dünya report the same core facts and limited scope.
From temporary restrictions to licence revocation
An undated notice still available on Parakolay’s website says the CBRT had temporarily suspended the company’s authority to provide certain payment services and issue electronic money. The same notice says payment-account operation and money-transfer services continued at that stage. The decision published on October 10 goes further: it revokes the company’s authorisation to operate as an electronic money institution rather than temporarily restricting selected services.
The CBRT’s public list of electronic money institutions displays “ex officio temporary suspension” markers for several Parakolay service categories and for electronic money. The latest Official Gazette decision, however, directly concerns the 2022 authorisation granted to the institution. Read together, the public records indicate a progression from temporary service restrictions to revocation of the operating licence.
This distinction matters for customers. A temporary suspension prevents specified services from being offered for a period, while licence revocation ends the institution’s authority to operate in its licensed capacity. The published decision does not explain how every previous transaction will be concluded or provide the operational steps for closing individual customer accounts.
No customer repayment timetable has been announced
One of the main questions following the decision concerns how and when existing customer balances will be returned. The Official Gazette text does not set out a company-specific repayment method or timetable. Customers therefore need to rely on further notices issued through the official channels of the company and the competent authorities.
Article 22 of Law No. 6493 contains general rules on safeguarding funds collected by payment and electronic money institutions. That statutory framework does not, by itself, establish the exact procedure or timing that will apply to Parakolay customers. The notice currently visible on the company’s website also does not provide a detailed post-revocation repayment plan.
Customers should also be cautious about unverified links requesting account, identity or payment information. If a repayment process is announced, its method, deadlines and application channel should be confirmed through the company or the relevant public authority. The public sources reviewed for this report do not currently identify a specific form, final application date or payment day.
What has changed?
The CBRT decision terminates the electronic money institution licence granted to Parakolay in 2022. Publication of the measure represents a broader regulatory step than the temporary restrictions previously described by the company. However, no public, institution-specific schedule has yet been announced for customer balances, application channels or possible repayments.
Until an official update is issued, customers should use the CBRT, the Official Gazette and Parakolay’s verified contact channels as their primary sources and should be cautious about unverified messages or instructions. This report is limited to the confirmed scope of the published decision and does not speculate about undisclosed reasons for the revocation or unannounced customer-payment arrangements.
