The move will affect businesses in the country that accept PayPal payments as well as Turkish customers wanting to pay businesses in Turkey and elsewhere. Customers would no longer be able send or receive money starting June 6.
Turkish Banking Regulation and Supervision Agency had refused to license PayPal because it wants payment services’ IT systems to be located in Turkey, according to fortune.com.
PayPal provided instructions for transferring outstanding balances to regular bank accounts, adding it would continue trying to get the necessary permissions to resume its Turkish operations. Customers will still be able to log in to their PayPal accounts and withdraw any balance on their accounts to a Turkish bank account, fortune.com continues.
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