China Scrutinizes Capital Flows as Online Brokers Pull Apps
- Apps will be taken off this week, existing users unaffected
- China asked both firms to rectify “illegal” business in 2022
China is taking a tougher stance on capital flows out of the country as the nation’s two leading cross-border online brokerages decided to remove their trading platforms from app stores in the mainland.
Futu Holdings Ltd. and Up Fintech Holding Ltd., also known as Tiger Brokers, said Tuesday that the move was to comply with the Chinese securities regulator’s requirements on cross-border brokerage businesses. Futu’s app Futubull will be removed Friday, and Tiger Brokers’ app will be taken off on Thursday.
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China Scrutinizes Capital Flows as Online Brokers Pull Apps