Singapore-based Tiger Brokers will not allow its China-based investors to add to their positions when they are physically in mainland China, Reuters reported Tuesday, citing a notice to clients.
The brokerage said investors will still be allowed to trade their securities from existing accounts when they travel offshore, Reuters said.
The move comes after Chinese authorities informed Tiger and other brokers to wind down the accounts, which are illegal under Beijing's new rules on cross-border transactions, Reuters said.
China fined three brokerages in May for operating without proper approvals, among them Tiger Brokers (NZ), Futu Securities International (Hong Kong), and Changqiao Securities (Hong Kong), also known as Longbridge, according to a May 22 notice by the China Securities Regulatory Commission.
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