Tiger, Futu, and Changqiao will be fully banned from domestic operations. Existing mainland clients are only allowed to sell unidirectionally.

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[Caixin] After more than three years of regulatory rectification, cross-border stock trading platforms that had long been in a gray area have finally undergone liquidation.

On May 22, the China Securities Regulatory Commission announced that it has filed investigations into Tiger Brokers (NZ) Limited (hereinafter referred to as "Tiger"), Futu Securities International (Hong Kong) Limited (hereinafter referred to as "Futu"), and Changqiao Securities (Hong Kong) Limited (hereinafter referred to as "Changqiao") for illegal securities business operations within China and abroad, and has issued prior administrative penalty notices.

The China Securities Regulatory Commission stated that Tiger, Futu, and Changqiao, as relevant entities inside and outside China, engaged in securities trading marketing, promotion, and transaction instruction processing within China without approval from the CSRC, without obtaining licenses for securities brokerage and securities margin financing and securities lending, and gained related profits. This violates Article 120 of the Securities Law and constitutes illegal securities business operations.

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