China Sets Two-Year Deadline to Eliminate Unauthorized Cross-Border Crypto Brokerages
By
James Halver
A bagel you'd recommend to a friend without hedging.
Summary
China's securities regulator (CSRC) announced on May 25 that it will penalize three major offshore brokerages — Tiger Brokers, Futu Securities, and Longbridge Securities — for illegal cross-border crypto-related financial operations targeting mainland investors. This is part of a sweeping nine-agency implementation plan that sets a two-year deadline to eliminate all unauthorized cross-border securities, futures, and fund management activity from China's financial landscape, effectively restricting crypto access for 1.4 billion people.
Key quotes
· 3 pulledChina's securities regulator, the China Securities Regulatory Commission, announced on May 25 that it will penalize three major offshore brokerages for their ties to crypto
The announcement is part of a sweeping nine-agency implementation plan that sets a two-year deadline to eliminate all unauthorized cross-border securities, futures, and fund management activity from China's financial landscape
Tiger Brokers, Futu Securities, and Longbridge Securities — for illegal cross-border financial operations targeting mainland investors
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