Yes

>>China has set a two‑year deadline on cryptocurrency access for its 1.4 billion citizens.

China has set a two‑year deadline on cryptocurrency access for its 1.4 billion citizens.

crypthub

about 3 hours ago

Regulatory Action

The China Securities Regulatory Commission fined Tiger Brokers, Futu Securities and Longbridge Securities for illegal cross‑border operations involving mainland investors. All illegal profits will be confiscated and the firms have a two‑year window to stop new buy orders and capital inflows, allowing only sales and withdrawals. After that period they must shut down any mainland‑targeted websites, apps and servers.

Crypto Implications

Although the crackdown targets offshore securities brokers, it directly hits the main crypto access routes used by Chinese traders, such as OTC desks and stablecoin on‑ramps. The move implements the February policy that expanded the crypto ban to stablecoins, tokenisation and offshore yuan‑pegged tokens. The two‑year rectification deadline now applies to any unauthorized cross‑border financial channel, not just licensed brokers.

Market Reaction and Outlook

Shares of Tiger Brokers fell over 10% and Futu Holdings dropped more than 5% in pre‑market trading following the announcement. The enforcement signals Beijing’s willingness to impose heavy penalties on large, listed firms that breach the expanded crypto rules. How this shapes future Chinese crypto participation—whether it drives more OTC demand or curtails cross‑border flows—remains to be seen.

China has set a two‑year deadline on cryptocurrency access for its 1.4 billion citizens.

Regulatory Action

Crypto Implications

Market Reaction and Outlook

China has set a two‑year deadline on cryptocurrency access for its 1.4 billion citizens.