China Securities Regulatory Commission Takes Strong Action to Crack Down on Illegal Cross-Border Securities Business

📌 Three platforms fined
Tiger, Futu, and Changqiao were investigated for soliciting customers domestically and providing trading services without permission, with all illegal gains to be confiscated and severe penalties imposed.
📌 Joint action by eight departments
The CSRC, Ministry of Public Security, People's Bank of China, and six other departments issued a rectification plan, launching a two-year campaign to comprehensively clean up illegal cross-border securities, futures, and fund activities.
📌 Existing investor rights are unaffected
✅ Property safety is guaranteed
✅ Investors can continue to invest through legal channels such as Stock Connect, QDII, and Cross-border Wealth Management Connect
✅ Two-year transition period set: existing accounts are allowed to sell and transfer funds, with no immediate forced liquidation
⚠️ The crackdown targets illegal business expansion, while legitimate channels remain open.