Odaily Odaily reported on May 23 that Tiger Brokers issued a statement clarifying that recent claims about the company "refusing to cooperate with regulators" or "confronting regulatory authorities" are completely inconsistent with the facts.

"We earnestly request everyone to refer to the complete information released by the regulatory authorities and our company's official channels, and avoid misunderstandings caused by one-sided dissemination. Thank you for your continued attention and support," Tiger Brokers stated. The company emphasized that it will strictly follow the guidance of the China Securities Regulatory Commission and relevant regulatory authorities in implementing rectifications, adhere to the development philosophy of "compliance first," strictly abide by applicable laws and regulations in all countries and regions where it operates, and carry out all business operations in a lawful and compliant manner. At present, the company's business operations remain stable across all regions. (stcn)

Odaily News, UP Fintech Holding (formerly Tiger Brokers) announced on May 22, 2026, that certain of its subsidiaries received a notice from the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC). The notice indicated that the CSRC Beijing Regulatory Bureau had investigated these subsidiaries for suspected illegal activities involving securities, funds, and futures businesses. The investigation found that these subsidiaries had engaged in unlicensed cross-border securities business and illegal fund and futures-related activities within mainland China. Based on the investigation results, the CSRC Beijing Regulatory Bureau imposed an administrative penalty totaling approximately 308.1 million RMB and confiscated illegal gains totaling approximately 103.1 million RMB. Mr. Wu Tianhua, the company's Director, Chief Executive Officer, and actual controller, also received a warning and was fined 1.25 million RMB. As of the end of 2025, retail client assets in mainland China represented approximately 10% of the company's total client assets in its consolidated financial statements.

Odaily reported on May 22 that in response to the China Securities Regulatory Commission (CSRC)’s announcement regarding the crackdown on illegal cross-border securities and futures business activities and related penalties, Wang Shan, Chief Operating Officer of Tiger Brokers (Hong Kong) Global Limited, stated that the company has taken note of the relevant notice issued by the CSRC. The company said the notice does not directly apply to its Hong Kong entity, which is a licensed corporation holding a license from the Hong Kong Securities and Futures Commission (SFC), operating independently and under its regulatory supervision. (21st Century Business Herald)

Odaily reported that Futu Holdings Limited (FUTU) announced that the China Securities Regulatory Commission (CSRC) intends to impose a total fine of 1.85 billion yuan (equivalent to 271 million US dollars) on Futu.

Odaily reported that the China Securities Regulatory Commission, together with eight other ministries, issued a notice to standardize cross-border securities, futures, and fund business activities for mainland investors, further clarifying regulatory requirements for related business operations. Tiger Brokers stated that it will strictly adhere to the industry-wide compliance standards introduced by regulators and steadily advance related compliance work. The company noted that since 2023, it has fully stopped opening accounts for users with Mainland China identity, simultaneously halted external advertising, marketing promotions, and activities, and continuously strengthened account review, identity verification, and anti-fraud management mechanisms. As of the end of the first quarter of 2026, assets from Mainland China clients accounted for approximately 10% of the group's total global assets. (Securities Times)

Odaily Planet Daily News: In response to the China Securities Regulatory Commission's (CSRC) investigation and proposed administrative penalties against Longbridge Securities and related domestic and international entities, Longbridge Securities has issued a statement. It noted that its licensed entities are regulated by overseas regulatory bodies such as the Hong Kong Securities and Futures Commission (SFC).

Longbridge emphasized that client funds are completely segregated from the company's operating capital and are held in independent custodian bank accounts as required by regulations. The US and Hong Kong stocks held are respectively custodied by the Depository Trust & Clearing Corporation (DTCC) and the Hong Kong Securities Clearing Company Limited (HKSCC), and are protected by the Hong Kong Investor Compensation Fund (ICF). Meanwhile, the company will strictly implement all rectification requirements and promote related arrangements in accordance with laws and regulations. (Cailianshe)

Odaily Odaily reports: Futu responds: It has completely stopped opening accounts for applicants with mainland China identity and has been continuously working to crack down on fraudulent account openings, rejecting tens of thousands of non-compliant account applications over the past two years.

Futu has always actively communicated with regulatory authorities and complied with rectification requirements. As of the end of the first quarter of 2026, the number of customers with assets in mainland China has dropped to 13% of the total number of customers with assets across the group. (Securities Times)

Odaily Odaily News: Futu Holdings fell over 40% in U.S. pre-market trading.

On the news front, the China Securities Regulatory Commission (CSRC) plans to confiscate all illegal gains from the domestic and international entities of Tiger Brokers, Futu Holdings, and Longbridge Securities, and impose strict penalties in accordance with the law.

A reporter from 21 Quick News contacted Futu Holdings as a customer. A company representative stated that the firm is aware of the relevant regulatory developments and is carefully studying the details. The company will issue a unified response once the information is complete. Currently, all business operations are running normally, and customer account assets and various services remain unaffected. (21 Finance)

Odaily Planet Daily News The Hong Kong Securities and Futures Commission (SFC) today issued a circular outlining the monitoring measures that should be implemented when opening accounts and maintaining client relationships. The circular was issued following the SFC's review of the account opening practices of 12 brokerage firms. The review identified a number of significant deficiencies, including inadequate due diligence on account opening documents, acceptance of suspicious or forged documents during the account opening process, and weaknesses in managing cross-border agency relationships with overseas intermediaries.

The SFC is deeply concerned about the potential for client accounts to be misused for suspicious or illegal transactions, thereby increasing the risks of money laundering and terrorist financing. The SFC requires all licensed corporations to conduct internal checks as soon as practicable to detect whether any suspicious or forged documents have been accepted for opening accounts.

The SFC also outlined additional measures for licensed corporations in opening and managing accounts for mainland Chinese investors. These additional measures include closing investment accounts opened with suspicious or forged documents, closing dormant investment accounts with zero balances, and, when opening new investment accounts, obtaining a written declaration from the investor and requiring that settlements and fund withdrawals can only be conducted through bank accounts held in the client's own name at qualified banks. (Jin Shi)

Odaily reported that, according to MSX.COM data, Interactive Brokers (IBKR) rose 5.62% in pre-market trading and is now trading at $88.21.

Odaily星球日报讯 证监会宣布，对 Tiger Brokers (NZ) Limited、富途证券国际（香港）有限公司、长桥证券（香港）有限公司境内外相关主体在境内非法经营证券业务等行为立案调查并作出行政处罚事先告知。

老虎方面回应称，“公司已注意到相关通知，将严格按照监管要求积极配合相关工作，目前公司各项业务运营正常。老虎始终将合规置于首位，并持续与监管机构保持密切沟通。（蓝鲸新闻）

Odaily Planet Daily News According to official sources, the China Securities Regulatory Commission (CSRC) and seven other departments have jointly issued the "Implementation Plan for the Comprehensive Rectification of Illegal Cross-Border Securities, Futures, and Fund Operations." The overall requirement of the rectification plan is to completely ban the illegal cross-border operations of overseas securities, futures, and fund institutions after two years of concentrated rectification, achieving the goal of "resolutely banning illegal activities and prudently clearing existing stock."

The targets of the rectification include overseas institutions illegally operating cross-border securities, futures, and fund businesses; domestic affiliated or cooperative entities assisting these overseas institutions in illegal cross-border operations; illegal intermediaries soliciting domestic investors; and internet platforms and online self-media that illegally publish information. The illegal cross-border operations of overseas institutions will be banned according to law. Acts by relevant entities that violate laws and regulations on foreign exchange management, anti-money laundering, cybersecurity and information management, and personal information protection will also be included within the scope of the rectification.

Odaily reported that the Securities Regulatory Commission and seven other departments have jointly issued the Comprehensive Action Plan for Cracking Down on Illegal Cross-Border Securities, Futures, and Fund Operations. A key task in the plan is to strengthen oversight of internet platforms and information clearance.

The Cyberspace Administration of China (CAC) will urge domestic internet platforms to improve their review and monitoring systems for content related to illegal cross-border operations. In line with requests from financial regulators, the CAC will promptly remove or handle relevant illegal information and accounts. Serious administrative talks and penalties will be imposed on problematic platforms and online self-media. The telecommunications authorities, based on lists provided by financial regulators, will order the removal or shutdown of domestic websites and apps involved in illegal cross-border operations by foreign institutions. Market regulators will take action against illegal advertisements identified and shared by financial regulators.

Odaily reported that according to data from MSX.COM, UP Fintech (TIGR.O) fell over 40% in pre-market trading, and Futu Holdings (FUTU.O) fell over 30% in pre-market trading.

According to data from MSX.COM, Upwardly Mobile (TIGR.O) and Futu Holdings (FUTU.O) continued to widen their pre-market losses on U.S. stocks, both falling over 20%.

Odaily Planet Daily reported recently that the China Securities Regulatory Commission (CSRC) has conducted investigations into and issued administrative penalty notices against entities both domestically and abroad related to Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Longbridge Securities (Hong Kong) Limited for illegally conducting securities business within mainland China.

These related entities of Tiger, Futu, and Longbridge, without approval from the CSRC and without obtaining licenses for securities brokerage business or securities margin financing business, engaged in securities trading marketing promotion, processing trading orders, and other related securities business services domestically, and derived profits from these activities. This violates Article 120 of the Securities Law, constituting illegal securities business operations.

In accordance with Article 202 of the Securities Law, Article 136 of the Securities Investment Fund Law, and Article 132 of the Futures and Derivatives Law, the CSRC plans to confiscate all illegal gains from the domestic and foreign related entities of Tiger, Futu, and Longbridge, and impose severe penalties according to law. The parties involved have the right to make statements, defend themselves, and request a hearing regarding the proposed administrative penalties. The CSRC will fully consider the parties' opinions before rendering a final administrative penalty decision. (Jin Shi)