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Futu and Tiger Brokers Tighten Account Access for Mainland Chinese Residents

Futu and Tiger Brokers Tighten Account Access for Mainland Chinese Residents

According to recent regulatory changes, both Futu Securities and Tiger Brokers now limit account access to non-mainland ID holders, with temporary exceptions for Hong Kong and Macau identification.

Fact Check
Multiple credible sources (Reuters, Bloomberg, Private Banker International) corroborate that Chinese regulators ordered Futu and Tiger Brokers (UP Fintech) to stop accepting new onshore clients in early 2023. The evidence also confirms that both companies removed their apps from mainland Chinese app stores in May 2023, significantly tightening access for mainland residents.
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Summary

Futu Securities and Tiger Brokers have reinforced restrictions on account openings for mainland Chinese residents in line with new regulatory requirements. Futu now demands overseas permanent residency and is temporarily limiting new accounts to Hong Kong or Macau ID holders during a system upgrade. Tiger Brokers has ended acceptance of foreign work or residence proof for mainland residents, restricting eligibility solely to non-mainland ID holders. Despite the new rules, both firms’ automated phone systems continued to provide outdated policy information as of September 22.

Terms & Concepts
  • Overseas Permanent Residency: Official status granting a person the right to reside indefinitely in a country outside their home nation, often used for regulatory compliance in financial services.
  • Cross-Border Brokerage: A brokerage firm that offers trading and investment services across national borders, often subject to multiple jurisdictions’ regulations.