
The End of Arbitrage: China’s Cross-Border Brokers Face a $300 Million Day of Reckoning
Chinese regulators have imposed over 2.1 billion RMB in fines on Futu, Tiger Brokers, and Longbridge for illegal mainland operations, effectively ending the cross-border brokerage boom. The firms now face a two-year window to phase out mainland business and must pivot entirely to international markets to ensure survival.


















