Dec 24, 2022 04:25 AM

FINANCE

China Starts Crackdown on Illegal Online Brokerage Apps

By Yue Yue and Denise Jia

As of December, there are 183 securities brokerage apps in China, 67% of which are offered by legitimate brokerage firms.

As of December, there are 183 securities brokerage apps in China, 67% of which are offered by legitimate brokerage firms.

China’s securities and cyber regulators kicked off a joint crackdown on illegal activities involving online brokerage apps and individual stock commentators.

In a recent guideline, the China Securities Regulatory Commission (CSRC) and Cyberspace Administration of China (CAC) told local regulators to deal with any online platforms and accounts that recommend stocks illegally by the end of March 2023 and to make sure that online brokerage apps have licenses by the end of June.

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