SHANGHAI: Online brokerages not licensed in China are conducting illegal businesses if they serve Chinese clients via the Internet, a Chinese central banker said, in the first official comment on recent reports flagging regulatory risks facing firms such as United States-listed Futu Holding and UP Fintech Holding.
“Cross-border online brokerages are driving in China without a driver’s licence. They’re conducting illegal financial activities,” Sun Tianqi, head of the Financial Stability Department of the People’s Bank of China (PBoC) said in a speech, according to a transcript released.
Already a subscriber? Log in.
Subscribe now and receive FREE sooka plan for 1 month.
T&C applies.
Cancel anytime. No ads. Auto-renewal. Unlimited access to the web and app. Personalised features. Members rewards.
Follow us on our official WhatsApp channel for breaking news alerts and key updates!
