The Central Bank of the Republic of Türkiye's decision dated September 18 revoking Papel's license was published in the Official Gazette on September 23, and the company's services stopped. A TMSF trustee had been appointed to the company early this year, and 15 people had been arrested in the investigation.
The Central Bank's decision was based on the relevant articles of Law No. 6493. The license granted to Papel on October 27, 2022 was revoked.