The China Securities Regulatory Commission (CSRC) plans to severely punish Tiger Brokers, Futu, and Changqiao in accordance with the law.

CoinFeed reported on May 22 that, according to Jinshi, the China Securities Regulatory Commission (CSRC) has initiated an investigation into Tiger Brokers (NZ) Limited, Futu Securities International (Hong Kong) Limited, and Changqiao Securities (Hong Kong) Limited for illegal securities business operations within China and has issued prior notice of administrative penalties. Tiger Brokers, Futu, and Changqiao, without CSRC approval and without obtaining licenses for securities brokerage or securities margin trading, conducted securities trading marketing and promotion, processed trading orders, and other related securities business services within China, obtaining related profits. This violates Article 120 of the Securities Law and constitutes illegal securities business operations.