Tiger and Futu jointly fined and confiscated 2.3 billion yuan; US stock put options are now showing "front-running" trades (including video)

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[Caixin] After the China Securities Regulatory Commission announced a comprehensive crackdown on illegal cross-border stock trading platforms, Tiger Securities (NASDAQ: TIGR) and Futu Holdings (NASDAQ: FUTU) have respectively disclosed their proposed fines. Both companies are "one penalty plus three," with a total penalty of 2.3 billion RMB.

Tiger Securities announced in the U.S. stock market that it has received a pre-penalty notice from the Beijing Securities Regulatory Bureau, confiscating approximately 103.1 million RMB of illegal gains, imposing a fine of about 308.1 million RMB, for a total penalty of approximately 411.2 million RMB. Tiger Securities' founder, CEO, and actual controller Wu Tianhua received a warning and was fined 1.25 million RMB.

Futu Holdings announced that it has received a pre-penalty notice from the Shenzhen Securities Regulatory Bureau, proposing a total penalty of about 1.85 billion RMB. Futu's founder and CEO Li Hua was also proposed to be fined 1.25 million RMB personally.

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