# Cross-border Securities

Beijing Slaps Offshore Brokers with Heavy Fines as Cross-Border Trading Crackdown Enters Final Phase

China's CSRC has imposed a landmark 1.85 billion yuan fine on Futu Holdings and sanctioned Tiger Brokers and LongBridge for illegal cross-border operations. This enforcement marks the start of a two-year cleanup aimed at forcing offshore brokers to fully exit the mainland Chinese retail market.