Futu and Tiger Brokers Face Insider-Trading Questions as US SEC Opens Probe

Futu Holdings and Tiger Brokers parent UP Fintech are Chinese online brokerages listed in the United States. On May 22, 2026, the China Securities Regulatory Commission announced a crackdown on illegal cross-border securities activities and related penalties, sending shares of both companies sharply lower. Large trades in short-dated put options before the regulatory announcement have raised suspicions of insider trading.

Susquehanna Securities alleged that unidentified traders spent about $12 million on Futu and UP Fintech put options between May 7 and May 21, 2026, earning more than $100 million and causing the firm losses of at least $71.4 million. Susquehanna filed a lawsuit in the US District Court for the Southern District of New York on June 29, and the court froze the accounts involved. The US Securities and Exchange Commission was reported on July 1 to have opened an investigation.