One of the world's largest trading platforms, eBay, will close its business in Turkey, GittiGidiyor, which it acquired in 2011, the company said in a statement.

The company said it was regularly reviewing its business operations around the world and has made this difficult but strategic decision based on the ongoing competitive dynamics in the market.

eBay's competitors in Turkey were hepsiburada.com, trendyol.com, sahibinden.com and Amazon. Hepsiburada, which has been aggressively gaining market share in recent years, went public on the Nasdaq exchange last July, making its owner, Hanzade Dogan Boyner, a billionaire.

eBay said it will work with buyers and sellers to help them transition off the platform and will provide more details later in the day.

"As of today, sellers will no longer be able to list new items and as of July 18, buyers will no longer be able to make new purchases," eBay said in a statement. Buyers and sellers will be able to access their My Account page until 5 September 2022.

The company said the closure of GittiGidiyor will not have a significant impact on its quarterly or annual earnings. According to a statement from eBay, GittiGidiyor contributed 4 million active buyers to eBay's consolidated number of active buyers at the end of the first quarter of this year.