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$TIGR $FUTU 🥶
China is launching a major operation against online brokers conducting unauthorized cross border securities activities. The CSRC, the China Securities Regulatory Commission, accuses Tiger Brokers, Futu, and Longbridge of soliciting customers in mainland China without a license. These companies’ illegal gains will be confiscated, but the penalty amount has not yet been announced.
These brokers will be given a 2 year liquidation period. During this period, the relevant customers will not be able to make new investments; they will only be able to sell their existing positions and withdraw their money.