The China Securities Regulatory Commission (CSRC) announced on Friday that it will crack down on Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited and Longbridge Securities (Hong Kong) Limited for illegal cross-border business operations.
The CSRC stated that the activities of these brokerages have violated China’s laws and regulations concerning securities, funds and futures, and have disrupted market order.
The regulator plans to confiscate all illegal gains from the associated domestic and overseas entities of Tiger, Futu and Longbridge, while also imposing severe penalties in keeping with the law.
The CSRC clarified the illegality of such activities on Dec. 30, 2022, launching an initial crackdown on overseas brokers like Futu and Tiger. The regulator banned them from expanding illegal operations, soliciting mainland investors, or opening new accounts.
