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PayPal halts operations in Turkey

paypal680pxWorld’s leading online payment platform PayPal today sent an email to its customers in Turkey updating its customers that payment services will be stopped in Turkey.

After PayPal couldn't receive a license from the financial regulator Banking Regulation and Supervision Agency (BDDK) of Turkey, announced that it is suspending services in Turkey effective June 6.. PayPal said customers can send and/or withdraw money in their PayPal balance until June 6.

PayPal customers in Turkey will not be able to send and/or receive funds through PayPal after June 6, 2016.

Turkish media reported that the reason behind the closure is because of a new rule that require IT companies to be localized in the country. Since there is no PayPal datacenter in Turkey, BDDK refused to give license to operate in Turkey.

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