Breaking News》Futu Announces Suspension of Chinese Purchases and Deposits Starting June 12! 440,000 Accounts Only Withdraw, No Deposits

Futu Holdings announced on June 4 that, to implement the two-year centralized rectification plan by eight departments, starting June 12 it will suspend all buy (opening positions) transactions and fund transfer-in services for existing investors in mainland China. Selling and fund transfer-out are not affected. This is the third cross-border brokerage to officially announce implementation of the June 12 deadline, following Tiger Securities (6/2) and Changqiao Securities (6/3). Futu Global has 3.37 million asset-holding customers worldwide; about 440,000 accounts in mainland China are affected, contributing approximately 20% of revenue.
(Background recap: Tiger International announced that starting June 12, it will suspend “new position openings and deposit inflows” for investors in mainland China, and existing users can only sell, not buy.)
(Additional context: China has launched what is described as the largest “cross-border tax crackdown” in decades, resulting in penalties and forfeitures of more than 2.2 billion RMB against Futu and Tiger. Will cryptocurrencies become a pressure outlet for exports?)

Key Summary

• Futu Holdings’ June 4 announcement: starting June 12, it will suspend all buy transactions and fund transfer-in services for existing investors in mainland China; selling and fund transfer-out are unaffected
• After Tiger (6/2) and Changqiao (6/3), the three cross-border brokerages have all issued announcements ahead of the June 12 deadline
• About 440,000 Futu mainland accounts, representing about 20% of revenue; across the three companies, approximately 1 million affected investors

In the span of three days, the three brokerages issued announcements in succession, formally closing the door to cross-border stock trading by Chinese investors. Tiger Securities, Changqiao Securities, and Futu Holdings became the last firm. All three began the restrictions on June 12 (Beijing time), suspending all buy (opening positions) transactions and fund transfer-in services for existing investors of all categories in mainland China; selling (closing positions) and fund transfer-out are not affected.

Futu is the largest among the three. It has 3.37 million asset-holding customers worldwide. China accounts for about 13%, meaning approximately 440,000 accounts are affected, and these accounts contribute about 20% of revenue.

Across the three firms, the total number of affected mainland investors is about 1 million. In its response to reporters during a Q&A session, the China Securities Regulatory Commission emphasized that accounts will not be forcibly logged out and assets will not be forcibly cleared. Investors may continue “overseas investment” through legal channels such as Hong Kong Stock Connect, QDII, and Cross-border Wealth Management Connect.

Common Questions

What can mainland Futu accounts do after 6/12?

Only sell (close existing positions) and transfer out funds—every buy (opening position) transaction and fund transfer-in is suspended. Accounts will not be forcibly logged out, and assets will not be forcibly cleared, but after the two-year rectification period ends, the platform must shut down its domestic services.

How many affected investors are there?

About 440,000 mainland accounts for Futu, with Tiger and Changqiao each having several hundred thousand; combined, the three companies affect about 1 million people. Investors can switch to legal channels such as Hong Kong Stock Connect, QDII, or Cross-border Wealth Management Connect to continue overseas investment.