China has imposed penalties exceeding 330 million dollars on some of the country’s largest online brokerage platforms, including Futu Securities International, Tiger Brokers and Longbridge Securities, for facilitating unauthorized cross-border trading. These platforms must freeze all new account openings for mainland clients starting June 12, 2026, and have a two-year window to unwind existing positions. Eight government agencies are involved in this compliance operation, while Hong Kong banks have also tightened their scrutiny of mainland clients’ funding sources.
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