PayPal Halts Service In Turkey Over Licensing Issues
PayPal has decided to no longer offer their services in Turkey because the company could not get the necessary license from the local authorities. If even payment giants like PayPal are facing regulatory scrutiny, perhaps it is time for a change. The news about PayPal no longer being available in Turkey took a lot of people by surprise. In fact, no one saw this decision coming, leaving a lot of business and enterprises wondering which online payment method they should use next. After all, PayPal is one of the most commonly accepted global payment methods in the world. Licensing Issues....
Related News
Bitwala has taken notice of the PayPal debacle in Turkey and launched an initiative to provide a different type of financial service to citizens. The company offers free bank transfers and Bitcoin debit cards for a limited time. PayPal Pulls Out. PayPal announced they would no longer offer their services in Turkey as of June 6, 2016. This news came as....
PayPal today announced it has lost its license to operate in Turkey, a country where 45% of consumers consider digital currencies to be “the future of spending.” PayPal Can’t Operate in Turkey. A statement on the company’s Turkish website states that from June 6 no further transactions would be fulfilled, and that customers should withdraw funds to banks....
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....
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,....
The exit of PayPal from the Turkey may pave way for new blockchain based digital payments systems. Turkey might prove to be a gold mine for digital currencies companies in the coming days. Thanks to issues being faced by PayPal due to the Turkish government’s refusal to renew their license to operate in the country. With the leading global payment solutions provider’s license due to expire in the next few days, PayPal (NASDAQ: PYPL) will be forced to shut down. By doing so, the company will leave behind a huge void in peer to peer transactions and merchant payment solutions sectors.....