World’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.