Global online payment platform PayPal has just announced on its local website that it stopped operations in Turkey because it could not get necessary licence from local authorities.
BDDK, the Turkish authority in charge of regulating and licensing banking and payment systems across all electronic or conventional platforms, has repeatedly refused to grant operation licence to the US-based company despite all the efforts, PayPal Turkey explained in the statement.
PayPal Turkey said users registered in Turkey will not be able to send or receive money through the platform by 6th of June and asked them to transfer the balances in their accounts to Turkish banks. The company added that their local team will not stop working on the licensing issue.
The announcement on the front page of PayPal Türkiye is as follows:
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