Longbridge, Other Online Brokers Halt New China Positions and Deposits

China’s securities regulator has intensified a crackdown on online brokerages offering offshore stock trading to mainland investors without domestic approval. The rectification campaign has forced platforms including Longbridge Securities, Futu Securities and Tiger Brokers to curb services for existing mainland clients, underscoring Beijing’s tighter oversight of cross-border capital flows and investor risk.

Longbridge Securities said mainland China investors would be barred from opening new positions or making deposits from June 12, while retaining the ability to close positions and withdraw funds. Futu imposed similar restrictions on the same date, leaving about 440,000 accounts operating on a withdrawals-only basis. Huasheng Securities, backed by Sina and Weibo, later began removing mainland Chinese users from its platform.