The era of "one click buying of US stocks" has officially come to an end with the simultaneous attack of eight departments. Futu plummeted by 300%, Tiger plummeted by 40%, what about the money in the securities account? Just discovered that the China Securities Regulatory Commission has imposed heavy penalties on Futu, Laohu, and Changqiao, confiscating all illegal gains and imposing severe punishments. Many people think it is a "sequel" to the 2022 rectification and the removal of apps in 2023, but these are two major events that happen simultaneously and at completely different levels. This time, companies like Futu and Tiger are not sequels, but the finale! Old accounts: Three companies, violating regulations for four and a half years. Three companies engaged in cross-border securities marketing, order taking transactions, and profit collection within the country without approval or domestic licenses, violating the Securities Law and constituting illegal operations. The China Securities Regulatory Commission has filed a case and issued a notice, clearing four and a half years of old accounts one by one. New regulation: Eight departments launch joint attack, approved by the State Council. The heavyweight measures include the China Securities Regulatory Commission, the Ministry of Industry and Information Technology, the Ministry of Public Security, the People's Bank of China, the State Administration of Market Regulation, the State Administration of Financial Supervision, the Cyberspace Administration of China, and the State Administration of Foreign Exchange. With the approval of the State Council, a rectification plan has been issued. Goal: To comprehensively crack down on illegal cross-border securities activities within 2 years. Take a look at the timeline: from reminders to warnings, and then to actual actions. -October 2021: China Securities Regulatory Commission "reminds", wording "does not comply with regulations" -November 2021: Interview with senior executives and request self-examination and rectification -2022.12: Formally classified as "illegal operation", prohibiting new account opening and existing tradable assets -May 2023: Futu and Tiger remove domestic apps -2025: There are still cases of borderline customer acquisition and inadequate rectification -2026.05: Eight departments take action to block the entire chain Market reaction: The stock price has plummeted, is the money in your account safe? As soon as the news came out, Futu plummeted by over 30% and Tiger plummeted by over 40% (not 300%) before the market opened. ⚠️ Key point: Brokerage stock price ≠ Your account assets -Customer funds are strictly segregated from securities firms' own funds and are managed by overseas third-party custodians such as Citibank and JPMorgan Chase. -US stock accounts are regulated by the US SEC and have SIPC protection (up to a maximum loss of $500000). -The account will not be frozen, forced to close positions, or reset to zero. What about the accounts of these companies: 2 years of 'only out, no in'. - ✅ It is possible to sell stocks, transfer funds, and withdraw funds without affecting asset safety. - ❌ Prohibition: Cannot buy, cannot deposit, cannot open a new account. - ⏳ Two years later: All domestic apps, websites, and servers will be shut down, and investment can only be made through legal channels. Core strategy: Seal the entire chain and control the "drainage". One China Securities Regulatory Commission cannot control it, and each of the eight departments is responsible for one section: licenses, funds, technology, marketing, foreign exchange, and law enforcement. The entire cross-border channel is blocked. Rhythm: Do not freeze or close positions, give two years to "move" and let the channel dry up under control. Legitimate channel: through, but with a threshold. - ✅ Hong Kong Stock Connect: 500000 threshold, limited to large cap stocks only, not covering US stocks - ✅ QDII: Indirect investment in US stocks, mostly limited to purchase, with high premiums - ✅ Cross border Wealth Management Connect: Only for residents of 9 cities in the Greater Bay Area The final conclusion is: Punishing three companies is superficial, closing informal cross-border capital channels is the core. Your money is safe, sell and transfer it out quickly within two years, and migrate it to legal channels.