BTCTurk, Turkey’s largest bitcoin exchange, has seen a significant increase in volume after Paypal announced that it would cease operations in the country.

After the news that the online payments giant would be leaving the country after it failed to get permits allowing it to operate there became public, bitcoin media and advocates immediately started to speculate if the news opened an opportunity for Bitcoin in Turkey.

The immediate effects are already becoming apparent. From May 28th to June 3rd, BTCTurk claims 4696 BTC, or roughly $2.7 million in total volume, according to BTCTurk’s Twitter page and API. That figure is higher than any previous week in 2016. The second highest figure for 2016 is April 2nd to April 8th, coming in at 4250.