What Does PayPal’s Shutdown in Turkey Mean for Bitcoin?


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

, CTO and co-founder of

, which owns and operates Turkish Bitcoin exchange


Will Other Online Payment Providers Leave

According to Kenci, PayPal’s reasons for leaving Turkey may also
apply to other payment providers. Then again, others are able to
earn exemptions. “Businesses like

have been exempt from the law,” said Kenci.

“If the business is holding funds on behalf of the consumer, for
the purpose of allowing the consumers to transfer money to other
consumers or businesses, then the business needs an electronic
money license,” explained Kenci. “If the business does not hold any
consumer funds but allows businesses to accept payments, then they
need a payment processor license. Electronic money license holdersRead more ... source: TheBitcoinNews