Futu Response to China's Cross-Border Securities Regulation: Users Holding Overseas IDs Not Affected

BlockBeats News, May 25th. Futu Securities (Hong Kong) issued a statement regarding recent regulations: Recently, eight Chinese regulatory agencies released a plan to rectify cross-border securities business. This is an industry-specific regulation aimed at institutions that provide overseas securities and fund trading services for mainland Chinese investors, including all relevant brokerages, banks, and other financial institutions. Any institution claiming not to be bound by the new regulations of the eight agencies may be a scam. Users are advised to keep a record of written communication as evidence to protect their assets.

This mainland regulatory guidance only targets investors in the entire industry who "hold only a Chinese mainland ID card or passport with no overseas identity." Users holding any of the following overseas identity documents are not affected, and their accounts and all trading services operate as usual:

Hong Kong Permanent Resident Identity Card;

Hong Kong Non-Permanent Resident Identity Card (Temporary Identity Card);

Work Visa/Study Visa;

Other legitimate overseas identity documents.

Futu Securities (Hong Kong) stated that there are currently no detailed regulations for a 2-year concentrated rectification period in the industry, and all user accounts and trading/funding services are operating normally.