Reuters: Turkey detains Fintech Papara founder and 12 others in $330M illegal betting and ML probe, spurring fintech crackdown

In response, regulators have taken decisive action, including appointing the Savings Deposit Insurance Fund (TMSF) as trustee to Papara and imposing daily transaction limits through the Central Bank to curb further illicit flows. This crackdown underscores growing regulatory scrutiny over fintech firms amid concerns that rapidly expanding digital payment services are being exploited for complex money laundering schemes…