Bitcoin Exchange BTCTurk Terminates Operations in Turkey, Right After PayPal
BTCTurk, a Turkish Bitcoin exchange which launched in July 2013, has finally terminated its operations in Turkey after local banks closed the main accounts of the company without prior notice. Such abrupt termination of services from banks and major financial institutions was seen last in Australia, when the country’s leading banks, including the multi-billion dollar banking group Commonwealth Bank, closed the bank accounts and financial services of Bitcoin startups in the region. Tough choice for BTCTurk team. In contempt of their connections with the banks the company has collaborated....
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We've recently reported the rise of bitcoin in Iran, Afghanistan and Israel, but now another country has jumped on the digital currency bandwagon - Turkey. BTCTurk launched earlier this month, becoming the first company to enable the exchange of Turkish lira for bitcoin and vice versa. Emre Kenci, CTO of BTCTurk, said he and his colleagues started to develop the company in January 2013 having watched interest in bitcoin increase across the globe. He told CoinDesk that BTCTurk has received a "good number" of sign-ups since it launched. "Despite the fact that there is not a single merchant....
PayPal has been forced to cease operations in Turkey. The shutdown will go into effect on June 6. Turkey recently denied PayPal of a new license, which is required to operate within the country. According to TechCrunch, the reason for the denial was that PayPal does not localize all of their IT infrastructure inside of Turkey. To get a clearer picture of what’s going on in Turkey, Bitcoin Magazine reached out to Emre Kenci, CTO and co-founder of BTCTrader, which owns and operates Turkish Bitcoin exchange BTCTurk. Will Other Online Payment Providers Leave Turkey? According to Kenci,....
With Turkey residents losing a convenient option for sending and receiving payments online, the country’s online payment sector is gradually yielding to a free control market with the uptake in Bitcoin use. Why there is no more PayPal in Turkey. PayPal no longer operates in Turkey after June 6 following the non-approval of its license by the Banking Regulation and Supervision Agency. Its operation in Turkey was reportedly shut down on the grounds that the American company had failed to comply with stipulated laws. However, an existing Bitcoin exchange in the country has claimed it recorded....
A globally recognized United States-based biggest crypto exchange, Coinbase, plans to acquire the Turkish oldest famous crypto exchange, BtcTurk, with almost $3.2 billion. BtcTurk is a Turk-based crypto exchange established on July 01, 2013, having headquarters in Istanbul, Turkey, and possesses a portfolio of 4.5 million customers. Related Readings | Coinbase Launches Awaited NFT Marketplace […]
The potential acquisition would follow Coinbase CEO Brian Armstrong announcing plans to expand to every country in which the exchange can legally operate. Major United States-based cryptocurrency exchange Coinbase is reportedly planning to purchase BtcTurk for $3.2 billion.According to Turkish tech media outlet Webrazzi citing a Thursday report from Mergermarket, the two exchanges negotiated a price based on the market behavior of the Turkish lira and Bitcoin (BTC), arriving at roughly $3.2 billion. One or both of the two firms have reportedly already signed a term sheet.The potential....