PayPal has decided to suspend its operations in Turkey after the country’s financial regulators rejected its license applications.

The global giant, in a notice on its website, said clients in Turkey will not be able to send or receive money through their PayPal accounts as of 6 June 2016.

"Our customers can sign in their PayPal accounts and transfer their due balances, if any, in their accounts to their bank accounts in Turkey," the statement read.

The company was denied permission because Turkey recently passed a new law that requires companies to establish a local IT center and store data within the country.

The company noted that it would continue its efforts to obtain required permissions to offer services to its Turkish clients again in the future.

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