China just told its citizens, in no uncertain terms, to stop sneaking money out of the country. The China Securities Regulatory Commission announced on May 22 a sweeping crackdown on illegal cross-border securities trading, targeting the offshore platforms that millions of mainland investors have used to access foreign markets.
The backdrop makes the urgency clear: unauthorized capital outflows hit an estimated $1.04 trillion in 2025, the highest figure since tracking began in 2006.
What Beijing is actually doing
The CSRC’s enforcement action zeroes in on three offshore platforms in particular: Singapore-based Tiger Brokers, Hong Kong’s Futu, and Longbridge. Combined, these firms face penalties totaling $330 million for facilitating unauthorized cross-border business with mainland Chinese investors.
Rather than forcing an immediate shutdown, regulators are giving investors a two-year phase-out window. Existing positions can be unwound voluntarily, meaning no forced liquidation of assets.
