The China Securities Regulatory Commission (CSRC) is cracking down on illegal cross-border business operations, and plans to confiscate all illegal gains of Tiger Brokers, Futu, and Changqiao, both domestically and internationally.

According to Odaily Odaily, the China Securities Regulatory Commission (CSRC) recently initiated an investigation into the illegal securities business operations in China by Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Changqiao Securities (Hong Kong) Limited, and issued a prior notice of administrative penalties. Tiger Brokers, Futu Securities, and Changqiao Securities, both domestic and overseas entities, conducted securities trading marketing and promotion, processed trading orders, and other related securities business services in China without approval from the China Securities Regulatory Commission (CSRC) and without obtaining licenses to operate securities brokerage or securities margin trading businesses, and obtained related revenue. This violates Article 120 of the Securities Law and constitutes illegal operation of securities business. In accordance with Articles 202 of the Securities Law, 136 of the Securities Investment Fund Law, and 132 of the Futures and Derivatives Law, the China Securities Regulatory Commission (CSRC) intends to confiscate all illegal gains of Tiger Brokers, Futu Securities, and Changqiao Securities, both domestically and internationally, and impose severe penalties according to law. The parties involved have the right to make statements, defenses, and request hearings regarding the proposed administrative penalties. The CSRC will fully consider the opinions of the parties before making an administrative penalty decision in accordance with the law. (Jinshi)