Turkish government issued a decree on Official Gazette on Monday to ban Turkish cizitens to open forex account and trade forex with overseas brokers.

The country’s watchdog CMB brought up new rules earlier this year for leveraged instrument trading to decrease maximum leverage to 10:1 from 100:1 and introducing a minimum account floor of 50.000 TL. Nevertheless it looks like it was not enough for the officials and they are tihgtening their grisp on the sector even further.

The new regulation left none but one choice for Turkish citizen and it was to open account with foreign forex brokers in order to be able to benefit from higher leverage.

However, government is now attempting to discourage those investors. Supposedly, the those ones who trade forex with a broker not regulated by CMB will be fined an amount between 27.000 and 338.000 TL. This is harsh guys…