China Regulator Orders Online Brokerages Futu & Up Fintech / Tiger Brokers to Stop Illegal Cross-Border Business Activities in China, Immediate Stop to Onboard Mainland China Clients
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China Regulator Orders Online Brokerages Futu & Up Fintech / Tiger Brokers to Stop Illegal Cross-Border Business Activities in China, Immediate Stop to Onboard Mainland China Clients
5th January 2023 | Hong Kong
China regulator (China Securities Regulatory Commission, CSRC), has ordered online brokerages Futu and Up Fintech (Tiger Brokers) to stop illegal cross-border business activities in China, and to immediately stop to on-boarding Mainland China clients.Existing Mainland China clients can still trade via the brokerages, but no new funds are allowed to be transferred to their brokerage accounts.Futu Statement: “Futu noted that the China Securities Regulatory Commission (the “CSRC”) posted an announcement on December 30, 2022 relating to the Company’s cross-border operations in mainland China. Futu will fully cooperate with the CSRC and take all necessary measures to review its cross-border operations in mainland China and to comply with all applicable rules and regulations.The Company will proactively seek guidance from and cooperate with the CSRC in connection with its efforts to ensure legal compliance of its business activities in mainland China. In the meantime, the Company will continue to provide high-quality services to existing clients in China and further strengthen and expand its international operations.”
“ China Regulator Orders Online Brokerages Futu & Up Fintech / Tiger Brokers to Stop Illegal Cross-Border Business Activities in China, Immediate Stop to Onboard Mainland China Clients “
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China Regulator Orders Online Brokerages Futu & Up Fintech / Tiger Brokers to Stop Illegal Cross-Border Business Activities in China, Immediate Stop to Onboard Mainland China Clients
Shanghai, China
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering a fully digitalized brokerage and wealth management platform. The Company primarily serves the emerging affluent population, pursuing a massive opportunity to facilitate a once-in-a-generation shift in the wealth management industry and build a digital gateway into broader financial services. The Company provides investing services through its proprietary digital platforms, Futubull and moomoo, each a highly integrated application accessible through any mobile device, tablet or desktop. The Company’s primary fee-generating services include trade execution – which allows its clients to trade securities, such as stocks, ETFs, warrants, options and futures across different markets – as well as margin financing and securities lending. Futu has also embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders.
About UP Fintech Holding Limited
UP Fintech Holding Limited is a leading online brokerage firm focusing on global investors. The Company’s proprietary mobile and online trading platform enables investors to trade in equities and other financial instruments on multiple exchanges around the world. The Company offers innovative products and services as well as a superior user experience to customers through its “mobile first” strategy, which enables it to better serve and retain current customers as well as attract new ones. The Company offers customers comprehensive brokerage and value-added services, including trade order placement and execution, margin financing, IPO subscription, ESOP management, investor education, community discussion and customer support. The Company’s proprietary infrastructure and advanced technology are able to support trades across multiple currencies, multiple markets, multiple products, multiple execution venues and multiple clearinghouses.
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