Turkey has revoked the licenses of 10 fintech companies following a sweeping investigation into illegal online gambling transactions. The country’s Financial Crimes Investigation Board (MASAK) uncovered that these firms were facilitating unauthorized payments related to unlawful betting operations.
Interior Minister Ali Yerlikaya announced that the crackdown led to the seizure of nearly $29 million and targeted multiple provinces across Turkey. Authorities also blocked thousands of bank accounts suspected of involvement in the illegal scheme.
The fintech firms in question operated as electronic money institutions and payment service providers, but allegedly enabled financial flows outside the legal framework for gambling in Turkey. Officials are now probing possible connections between these companies and organized crime groups.
This move reflects Turkey’s increased regulatory pressure on the fintech and online gambling sectors, aiming to prevent financial crimes and uphold the integrity of the financial system. The Ministry of Treasury and Finance, along with MASAK, is expected to tighten compliance standards and monitoring for licensed fintechs.
The government has reiterated its commitment to combating unregulated gambling and money laundering, warning that further enforcement actions are on the horizon.
