Copenhagen based multi asset broker Saxo Bank has announced that it has decided to end operations through its Turkish subsidiary, Saxo Capital Markets Menkul Değerler A/Ş, to reduce complexity in the organization and bolster relationships with strong partners in Turkey.

The company’s office in Istanbul will be shut down.

Saxo Bank had opened its Istanbul office in 2013, at a time when Turkey was a growing power in retail forex trading. In 2015 the company brought in Turkish executive Savas Divanlioglu, formerly CEO of Citi Securities Turkey, to head the Istanbul operation.

However new rules passed earlier this year in Turkey, including maximum leverage of 10x and requiring minimum client deposits of TRY 50,000 (about USD $12,000) have made operating in

Turkey a much more difficult proposition. The new rules were put in place by the Turkish government as part of measures taken to stem speculation in the depreciating Turkish Lira.