The Digital Source For China's Tech Innovation Since 2000

Search
Close

Cross-border Online Brokerages Declared Illegal by Chinese Central Bank, UP Fintech and Futu Holdings Targeted

October 29, 2021
Source: chinabankingnews.com chinabankingnews.com
News Snapshot:
The People’s Bank of China (PBOC) has targeted online brokerages for illegal financial activity. Sun Tianqi (???), head of PBOC’s financial stability department, said that some overseas online brokerages that are licensed for business activity abroad had been engaging in operations within China without first obtaining the relevant licenses that are required domestically. “[They] are using Internet platforms to mainly and specifically provide offshore securities investment services to domestic investors, including US share and Hong Kong share transaction services,” said Sun on 27 October at the China Finance 40 Forum. “This is categorised as a ‘cross-border payment…if offshore institutions engage...
Go To Original Source →
Tags: bank | Bank of China | Business | Cayman | China | Chinese | finance | financial | fintech | forum | Hong Kong | illegal | Internet | investment | IT | KONG | offshore | online | overseas | PBOC | report | Reuters | share | Sun | technology

Other Related News:

Russian founder of cryptocurrency exchange arrested in Miami, accused of dealing with dirty money as part of "high-tech axis of crypto crime"

January 19, 2023

Bitzlato crypto exchange founder charged with illegal transfers of $700 million

January 19, 2023

Big Tech braces for dismal profits, more job cuts

January 19, 2023

Microsoft to shed 10,000 jobs, adding to glut of tech layoffs

January 19, 2023

A Drive to Understand National Capabilities in Critical Technologies The New York Times

January 19, 2023

Texas universities ban TikTok

January 19, 2023

Law Firm Investigating Diablo Immortal For False Advertising

January 19, 2023

PREVIEW-Big Tech braces for dismal profits, more job cuts

January 19, 2023

Formula 1 Carbon Footprint Slammed After 2023 Calendar Release

January 19, 2023
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
  • Contact Us
  • About Us
  • Corrections and Disclosure
  • Privacy Policy
  • Terms & Conditions
© 2023 ChinaTechNews.com. A Service of Asia Media Network.
Twitter