Hong Kong Regulators Instruct Banks to Include Declaration of Source of Funds for Investment Accounts is Non-China Mainland Origin, China Crackdown on Illegal Offshore Trading by China Mainland Investors, China Securities Regulatory Commission (CSRC) Issued $330 Million Fines to 3 Online Brokerages (Tiger Brokers, Futu Securities & Longbridge)
28th May 2026 | Hong Kong
Hong Kong regulators have instructed banks to include declaration of source of funds for investment accounts is non-China Mainland origin. China is currently conducting a crackdown on illegal offshore trading by China Mainland investors. In 2026 May, China Securities Regulatory Commission (CSRC) announced to issue $330 million fines to 3 online brokerages (Tiger Brokers, Futu Securities & Longbridge). In 2026 May, China Securities Regulatory Commission (CSRC) announced to penalize online brokerages Tiger Brokers, Futu Securities & Longbridge for soliciting business in China without onshore licence. Non-licenced firms will have to forfeit illegal profit, and firms are given 2-year grace period to wind down illegal activities (Clients only allowed to sell existing holdings or withdraw funds). In 2026 May, China Securities Regulatory Commission (CSRC) announced plan to issue a $271 million fine on Hong Kong-based Futu Securities & $183,575 fine on founder & CEO Leaf Li Hua for conducting businesses in China Mainland without regulatory licence (Securities, public fund sales & futures). Futu Securities funded accounts from China Mainland represents 13% of Futu Securities total funded accounts. Futu Holdings current market value at $12.6 billion, share price -33.2% last 5 days, – 49.7% YTD, -16% last 12 months & -36.9% last 5 years. Futu Holdings was founded in 2007 by ex-Tencent executive Leaf Li Hua. In 2025 September, Futu Securities Securities & Tiger Brokers Brokers implemented new account opening procedures in China requiring proof of non-China Mainland identification & overseas permanent residency. In 2025 September, United States Interactive Brokers removed its mobile app from app stores in China, and implemented new account opening procedure in China requiring China Mainland identification & proof of overseas residency & employment. In 2025 July, China was reported to have started sending notices to citizens investing in Hong Kong & United States stocks to declare their offshore personal income including from investments, dividends & stock options. In 2025 June, China was reported to be targeting collection of China citizens offshore personal income tax including from investments, dividends & stock options. In 2024 October, China was reported to have started enforcing tax on overseas investment gains for wealthy individuals including conducting self-assessments. Individuals are facing up to 20% tax on overseas investment gains but the amount is negotiable. China tax law states China residents are subject to tax worldwide, which is similar to United States tax law.
“ Hong Kong Regulators Instruct Banks to Include Declaration of Source of Funds for Investment Accounts is Non-China Mainland Origin, China Crackdown on Illegal Offshore Trading by China Mainland Investors, China Securities Regulatory Commission (CSRC) Issued $330 Million Fines to 3 Online Brokerages (Tiger Brokers, Futu Securities & Longbridge) “
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China Securities Regulatory Commission (CSRC) to Penalize Online Brokerages Tiger Brokers, Futu Securities & Longbridge for Soliciting Business in China Without Onshore Licence, Non-Licenced Firms Will Have to Forfeit Illegal Profit, Firms Given 2-Year Grace Period to Wind Down Illegal Activities (Clients Only Allowed to Sell Existing Holdings or Withdraw Funds)
23rd May 2026 – China Securities Regulatory Commission (CSRC) have announced to penalize online brokerages Tiger Brokers, Futu Securities & Longbridge for soliciting business in China without onshore licence. Non-licenced firms will have to forfeit illegal profit, and firms are given 2-year grace period to wind down illegal activities (Clients only allowed to sell existing holdings or withdraw funds). In 2025 September, Futu Securities Securities & Tiger Brokers Brokers implemented new account opening procedures in China requiring proof of non-China Mainland identification & overseas permanent residency. In 2025 September, United States Interactive Brokers removed its mobile app from app stores in China, and implemented new account opening procedure in China requiring China Mainland identification & proof of overseas residency & employment. In 2025 July, China was reported to have started sending notices to citizens investing in Hong Kong & United States stocks to declare their offshore personal income including from investments, dividends & stock options. In 2025 June, China was reported to be targeting collection of China citizens offshore personal income tax including from investments, dividends & stock options. In 2024 October, China was reported to have started enforcing tax on overseas investment gains for wealthy individuals including conducting self-assessments. Individuals are facing up to 20% tax on overseas investment gains but the amount is negotiable. China tax law states China residents are subject to tax worldwide, which is similar to United States tax law.
Futu Securities & Tiger Brokers Implement New Account Opening Procedures in China Requiring Proof of Non-China Mainland Identification & Overseas Permanent Residency, United States Interactive Brokers Removes Mobile App from App Stores in China & Implemented New Account Opening Procedure in China Requiring China Mainland Identification & Proof of Overseas Residency & Employment, China Sent Notices to Citizens Investing in Hong Kong & United States Stocks to Declare Offshore Personal Income Including from Investments, Dividends & Stock Options
25th September – Futu Securities & Tiger Brokers have implemented new account opening procedures in China requiring proof of non-China Mainland identification & overseas permanent residency. In 2025 September, United States Interactive Brokers removed its mobile app from app stores in China, and implemented new account opening procedure in China requiring China Mainland identification & proof of overseas residency & employment. In 2025 July, China was reported to have started sending notices to citizens investing in Hong Kong & United States stocks to declare their offshore personal income including from investments, dividends & stock options. In 2025 June, China was reported to be targeting collection of China citizens offshore personal income tax including from investments, dividends & stock options. In 2024 October, China was reported to have started enforcing tax on overseas investment gains for wealthy individuals including conducting self-assessments. Individuals are facing up to 20% tax on overseas investment gains but the amount is negotiable. China tax law states China residents are subject to tax worldwide, which is similar to United States tax law.
United States Interactive Brokers Removes Mobile App from App Stores in China & Implements New Account Opening Procedure in China Requiring China Mainland Identification & Proof of Overseas Residency & Employment, China Sent Notices to Citizens Investing in Hong Kong & United States Stocks to Declare Offshore Personal Income Including from Investments, Dividends & Stock Options
11th September – United States Interactive Brokers has removed its mobile app from app stores in China, and implemented new account opening procedure in China requiring China Mainland identification & proof of overseas residency & employment. In 2025 July, China was reported to have started sending notices to citizens investing in Hong Kong & United States stocks to declare their offshore personal income including from investments, dividends & stock options. In 2025 June, China was reported to be targeting collection of China citizens offshore personal income tax including from investments, dividends & stock options. In 2024 October, China was reported to have started enforcing tax on overseas investment gains for wealthy individuals including conducting self-assessments. Individuals are facing up to 20% tax on overseas investment gains but the amount is negotiable. China tax law states China residents are subject to tax worldwide, which is similar to United States tax law. In 2025 August, Interactive Brokers announced the launch of zero-commission & no settlement fee IBKR Lite pricing plan in Singapore for investors to trade United States stocks & ETFs. IBKR Lite charges fixed pricing for non-United States stocks & ETFs, fixed pricing for all options, futures & mutuals funds, and tiered pricing for currencies & bonds. Auto FX conversion is at 9 bps. In 2020, Interactive Brokers opened a new entity in Singapore to serve active traders, wealth managers, family offices and hedge funds.
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