Futu Holdings announced on June 4 that, effective June 12, 2026 (Beijing time), it will implement two adjustments for existing accounts of mainland Chinese investors: first, in terms of trading services, it will suspend the purchase (opening) of all products, including stocks, while sales (closing) will not be affected; second, in terms of fund transfers, it will suspend fund transfer-in services. The announcement stated that this move is aimed at implementing the industry regulatory requirements of the “two-year centralized rectification period” and promoting the standardized development of cross-border securities businesses.
This adjustment directly follows the regulatory crackdown on May 22. At that time, the China Securities Regulatory Commission (CSRC), together with the Ministry of Industry and Information Technology, the Ministry of Public Security, the People’s Bank of China and other eight departments, jointly issued the “Implementation Plan for Comprehensive Crackdown on Illegal Cross-border Securities, Futures, and Funds Business Activities,” and announced the initiation of investigations into the domestic and foreign related entities of Futu Holdings, Tiger Brokers, and Changqiao Securities — Futu is expected to be fined a total of approximately RMB 1.85 billion, and Tiger is expected to be fined a total of approximately RMB 410 million, for a combined total of over RMB 2.2 billion. The plan stipulates that during the two-year centralized rectification period, only one-way sales and fund outflows are allowed for existing mainland clients, and domestic services will be fully shut down after the period expires. Both Futu and Tiger stated that they accept the penalties and will actively cooperate with the rectification. This has been nearly four years since the CSRC first required the two platforms to rectify by the end of 2022; Futu’s 2025 financial report showed total revenue of approximately $2.935 billion, and Tiger’s mainland client assets accounted for about 10% of its total client assets.