Regulatory Pressure Forces Removal of Online Trading Apps in China
Chinese online brokerages Futu Holdings and Up Fintech Holding will remove their apps from online stores on the Chinese mainland in response to "rectification requirements" from the Chinese Securities Regulatory Commission. The two firms stopped accepting mainland Chinese clients at the end of last year after the CSRC started inquiries regarding their cross-border operations. Existing mainland Chinese customers will still be able to trade using the apps.