Global online payments giant PayPal announced May 30 that it will cease operations in Turkey. The California-based financial services company said the Turkish Banking Regulation and Supervision Agency (BDDK) denied its license application. Starting June 6, users in Turkey will not be able to transfer funds and purchase goods and services through PayPal.
The news caused a mini-storm. Ingrid Lunden, editor and writer for the news website Tech Crunch, suggested that the new development may be part of efforts by “[Turkish President Recep Tayyip] Erdogan’s government … to exert more power on the tech sphere.”