China’s Securities Regulatory Commission and eight other government departments launched a two-year rectification campaign targeting illegal cross-border securities, futures and fund business, increasing pressure on platforms including Futu Securities, Tiger Brokers, Longbridge Securities and UP Fintech. According to the CSRC, affected platforms must stop new fund inflows and buy transactions, leaving investors limited to one-way sell trades and withdrawals, as regulators allege these firms facilitated account openings, trade execution, margin trading and other regulated business for mainland Chinese investors without required domestic licenses. Futu disclosed a proposed fine of 1.85 billion yuan and a proposed personal fine of 1.25 million yuan for CEO Li Hua, while UP Fintech said certain subsidiaries were fined 308.1 million yuan, had 103.1 million yuan in illegal gains confiscated, and CEO Tianhua Wu was warned and fined 1.25 million yuan. Tiger Brokers Hong Kong said the notice does not directly apply to its separately regulated Hong Kong entity.