I just checked earlier,

The reason is that Tiger, Futu, and Changqiao did not obtain securities business licenses within China, but they engaged in these activities within China:
1⃣【Securities trading marketing and promotion】
For example, promoting account opening, trading Hong Kong stocks/American stocks, and promoting brokerage services to users in mainland China.
2⃣【Handling trading instructions】
When users place orders domestically, their systems or related entities assist in processing buy and sell instructions.
3⃣【Providing securities business services and making money】
For example, commissions, financing interest, service fees, and trading-related income.
The CSRC believes that these activities essentially involve securities brokerage, securities finance, funds, and derivatives of futures within China, but they lack Chinese regulatory approval, thus constituting violations.
⚠ Let me put it this way, the crypto world also needs to pay attention to safety.
The same template will be applied to the crypto space; first targeting the big ones like US stocks and Hong Kong stocks, then the smaller ones in the crypto world.
They are really desperate for money, crazy and insatiable.