Tiger Brokers is truly scared! It hurriedly clarified that it is "not failing to cooperate with regulators," paying a $400 million fine while emphasizing that compliance is its lifeline.

The CSRC issued a fine of 411.2 million RMB to Tiger Brokers yesterday. Today, UP Fintech Holding issued an urgent statement denying claims of "refusing to cooperate with regulators" or "defying regulation," emphasizing that compliance is the lifeline of its operations. However, just yesterday, Wang Shan, COO of Tiger Brokers (Hong Kong), publicly stated that the relevant notice "does not directly apply to its Hong Kong entity." (Previous coverage: Fines issued! China heavily fines Futu 1.85 billion RMB and Tiger 411 million RMB; both CEOs also penalized) (Background: Futu and Tiger shares plummet 40% pre-market! China launches "nuclear-level" regulation: Mainland clients allowed only to sell, not buy, effective immediately) Key Highlights - UP Fintech Holding issued a statement denying "defying regulation," stating compliance is the lifeline of operations and will strictly cooperate with the CSRC on rectifications. - Account openings for mainland users have been stopped since 2023; by the end of Q1, mainland client assets accounted for approximately 10%. - The day after Hong Kong COO Wang Shan claimed the "notice does not apply to Hong Kong," the parent company made a sharp turn to pledge loyalty. UP Fintech Holding (Nasdaq: TIGR) issued a statement today (23rd) to strictly clarify recent public discourse regarding "refusing to cooperate with regulators" or "defying regulation," stating that such remarks are completely inconsistent with the facts. The statement emphasized that compliance is the company's lifeline and that it will strictly follow the guidance of the CSRC and relevant regulatory departments to carry out rectifications. UP Fintech Holding stated that it has fully ceased account opening and marketing activities for mainland China users since 2023. As of the end of Q1 2026, mainland client assets accounted for approximately 10% of the group's total global assets. The company also pointed out that its overseas market client and asset scale continues to grow steadily, and it will steadily advance compliance work to ensure the safety of client assets. Defiance the Day Before The timing is intriguing. Just yesterday (22nd), the CSRC officially announced the advance notice of administrative penalties, intending to confiscate all illegal gains and impose fines totaling 411.2 million RMB, including a fine of approximately 308.1 million RMB and the confiscation of illegal gains of approximately 103.1 million RMB. On the same day, Wang Shan, COO of Tiger Brokers (Hong Kong) Global Limited, stated that the company was "aware of the relevant notice issued by the CSRC," but immediately emphasized that the notice "does not directly apply to its Hong Kong entity," citing that the company holds a license from the Securities and Futures Commission (SFC) of Hong Kong and operates as an independent licensed corporation regulated by the SFC. This statement was interpreted by some as "defying the government," and the parent company's clarification today is clearly an attempt to put out the fire. Plummeting Last Night After the news broke yesterday, Tiger Brokers (TIGR) shares plummeted over 40% in pre-market trading, while Futu Holdings (FUTU), which was also fined, saw a similar drop of about 40%. The CSRC issued a 1.85 billion RMB fine to Futu on the same day, and Longbridge Securities was also penalized. The core illegal facts for the three brokerages are consistent: without CSRC approval, they had long been providing services such as account opening, marketing, trading instruction processing, and fund transfers to mainland China investors through domestic affiliated entities and online platforms. FAQ How much was Tiger Brokers fined by the CSRC? The CSRC imposed total fines and confiscations of 411.2 million RMB on Tiger Brokers, including a fine of approximately 308.1 million RMB and the confiscation of illegal gains of approximately 103.1 million RMB. The core illegal fact is providing cross-border securities services to mainland investors without approval. What is the current proportion of mainland client assets for Tiger Brokers? According to the statement from UP Fintech Holding, as of the end of Q1 2026, mainland China client assets accounted for approximately 10% of the group's total global assets. The company has stopped opening accounts and marketing to mainland users since 2023.