
PayPal halts operations in Turkey - cettox
http://en.webrazzi.com/2016/05/30/paypal-halts-operations-in-turkey/
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marvel_boy
Somebody knows the reason for this halt?

~~~
iriche
"BDDK, the Turkish authority in charge of regulating and licensing banking and
payment systems across all electronic or conventional platforms, has
repeatedly refused to grant operation licence to the US-based company despite
all the efforts, PayPal Turkey explained in the statement."

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fatihdonmez
Despite the what effort? It was obvious this is coming. Turkish financial
system has lots of regulations after 2001 economic crisis. Paypal should get
the banking licence to operate. This includes physical servers located in
Turkey, accessing data by authorities, taxing on transaction and etc.

Paypal didn't apply any of these items. Maybe Turkish market is not big enough
for them to invest on these regulations.

I have started a fintech startup in Turkey (similar to Stripe) but before we
launch, regulation changed and to run a payment gateway, you should have at
least 5M TRY invested in the business. So yes regulation exists and bad for
startups and small businesses but for business like Paypal it's not about
"effort".

