FINANCE

China Proposes $338 Million in Penalties Against Futu, Up Fintech

Published: May. 25, 2026 6:26 p.m. GMT+8

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China’s securities regulator has proposed about 2.3 billion yuan ($338 million) in confiscations and fines against online brokers Futu Holdings Ltd. and Up Fintech Holding Ltd., escalating a wider crackdown on unlicensed cross-border trading services for Chinese mainland investors.

Futu said it received a prior penalty notice from the Shenzhen branch of the China Securities Regulatory Commission (CSRC) proposing about 1.85 billion yuan in confiscations and fines.

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China's securities regulator proposed ~2.3 billion yuan ($338 million) in fines against Futu Holdings and Up Fintech (Tiger Brokers) for unlicensed cross-border trading.
Futu faces ~1.85 billion yuan; Up Fintech ~411.2 million yuan.
Penalties are part of a two-year crackdown on illegal securities, futures, and fund activities by offshore platforms.

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Who’s Who

Futu Holdings Ltd.: Futu Holdings Ltd., a Nasdaq-listed online broker, received a prior penalty notice from China's securities regulator proposing about 1.85 billion yuan in confiscations and fines for providing unlicensed cross-border services to mainland investors. The penalties are part of a broader crackdown on illegal securities activities.

Up Fintech Holding Ltd.: Up Fintech Holding Ltd., operating Tiger Brokers, received a CSRC Beijing branch penalty notice proposing about 411.2 million yuan in fines for illegal securities business activities. The Nasdaq-listed firm is part of a broader Chinese crackdown on unlicensed cross-border trading services for mainland investors.

Long Bridge HK Ltd.: Based on the article, Long Bridge HK Ltd. is cited by the China Securities Regulatory Commission (CSRC) as a related entity that provided unlicensed securities marketing and order-processing services to mainland Chinese investors, constituting illegal securities business activity. It was part of a broader crackdown.

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What Happened When

2024：: Eight Chinese authorities launched a two-year cleanup campaign targeting illegal cross-border securities, futures and fund activities.

2026-05-25：: Futu Holdings Ltd. received a prior penalty notice from the CSRC Shenzhen branch proposing confiscations and fines of about 1.85 billion yuan.

2026-05-25：: Up Fintech Holding Ltd. (Tiger Brokers) received a similar penalty notice from the CSRC Beijing branch proposing about 411.2 million yuan in penalties.