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Futu and Tiger to Remove China Trading Apps as Regulatory Pressure Mounts

Two of the largest U.S.-based online brokerages for Chinese investors, Futu Holdings Ltd. and Tiger Brokers Inc., said they would remove their trading apps from China’s app stores as regulatory pressure mounts.

The move comes as China’s securities regulator has stepped up scrutiny of overseas-based brokerages that allow mainland Chinese investors to trade stocks and other financial products. In March, the regulator ordered the two brokerages to stop allowing new customers from mainland China to open accounts.

Futu and Tiger said they would comply with the regulator’s latest order and remove their apps from China’s app stores by the end of May. The two brokerages said they would continue to provide services to existing customers in China through their websites.

The move is a setback for Futu and Tiger, which had been growing rapidly in China. In 2021, Futu’s revenue from Chinese customers grew by 150%, while Tiger’s revenue from Chinese customers grew by 200%.

The regulatory pressure on Futu and Tiger is part of a broader crackdown by China’s government on the country’s financial sector. In recent months, the government has tightened regulations on everything from online lending to cryptocurrency trading.

The crackdown is seen as an attempt by the government to rein in financial risks and protect investors. However, it has also raised concerns about the impact on innovation and economic growth.

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ICEsh00ter
2023-05-16
ICEsh00ter
life goes on.

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