Regulators Crack Down on Tiger Brokers and Tencent-Backed Futu

As of the end of March 2021, Chinese mainlanders made up 80% of Up Fintech’s paying clients and 55% of Futu’s.

China’s securities regulator told two prominent online brokerages to quit accepting new onshore investors and fix illegal business practices.

Tencent Holdings Ltd.-backed Futu Holdings Ltd. and UP Fintech Holding Ltd., which operates Tiger Brokers, for years conducted cross-border securities trading without approval, amounting to illegal securities operations, according to the Securities Law and related regulations, the China Securities Regulatory Commission (CSRC) said Friday.

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