PayPal to halt operations in Turkey after losing license June 1, 2016 - 13:37 AMT PanARMENIAN.Net - Turkey has been making moves to bring tech business in the country under more localised control, and big U.S. online payments company PayPal became the latest casualty. The company announced that it is suspending business operations in Turkey effective June 6, after failing to obtain a new license for its services, TechCrunch reports. The closure, PayPal told TechCrunch, will affect tens of thousands of businesses and hundreds of thousands of consumers. A spokesperson confirmed the closure and also the reason behind it in two separate statements to TechCrunch. The first statement closely follows the message in Turkish on PayPal’s local site regarding the denial of a license from the financial regulator BDDK. “We are sorry to announce that PayPal is suspending its business operations in Turkey,” the company noted in a written note. “Effective from June 6, 2016, our customers in Turkey will no longer be able to send or receive funds with PayPal. Customers will still be able to log in to their PayPal accounts and withdraw any balance on their accounts to a Turkish bank account, TechCrunch says. Asked why the license was denied, the spokesperson said that it was a result of new rules that require IT systems to be localized in the country. PayPal distributes its IT across several global hubs. Turkey has been in the tech spotlight in recent months, but not for particularly positive reasons. In April, personal data for some 50 million Turkish citizens (more than half of its population of 80 million) was leaked online, seemingly by an activist (or activists) who were releasing the data to highlight the country’s ageing IT infrastructure, blaming the problem on President Recep Tayyip Erdogan and his tech policies.   Top stories Authorities said a total of 192 Azerbaijani troops were killed and 511 were wounded during Azerbaijan’s offensive. In 2023, the Azerbaijani government will increase the country’s defense budget by more than 1.1 billion manats ($650 million). The bill, published on Monday, is designed to "eliminate the shortcomings of an unreasonably broad interpretation of the key concept of "compatriot". The earthquake caused a temporary blackout, damaged many buildings and closed a number of rural roads.   Partner news |  Latest news The Power of One Dram to benefit Road of Life charity  The companies inform that the May beneficiary of The Power of One Dram is the “Road of Life” charitable organization.Ucom General Director gives lecture at French University in Armenia The General Director of Ucom Ralph Yirikian delivered a lecture at the French University of Armenia.Kazakhstan welcomes Yerevan, Baku’s agreement to meet in Almaty Kassym-Jomart Tokayev has welcomed the agreement of Baku and Yerevan to hold negotiations in Almaty.Armenia offers to temporarily host, preserve Gaza manuscripts The Armenian Foreign Minister has said Yerevan is ready to help preserve manuscripts from the conflict zone in Gaza. |
