China warns unlicensed online brokerages they are breaking the law 30 October, 2021, 5:04 am A Chinese central banker warned that online brokerages not licensed in China are acting illegally if they serve Chinese clients via the Internet, sending New York-listed shares of Futu Holdings Ltd (FUTU.O) and UP Fintech Holding sharply lower. “Cross-border online brokerages are driving in China without a driver’s license. 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 on Wednesday. Shares of the two firms...