BlockBeats News, May 25, Futu Securities (Hong Kong) issued a statement regarding recent regulatory matters: Recently, eight Chinese ministries jointly released a plan to rectify cross-border securities business. This plan is an industry regulation aimed at institutions providing overseas securities and fund trading services for mainland Chinese investors, including all relevant brokerage firms, banks, and other financial institutions. Any institution claiming to be outside the scope of the new regulations by the eight ministries may be fraudulent. Users are advised to keep written communication records as evidence to protect their assets.

This mainland regulatory guidance only applies to investors in the entire industry who "hold only a Chinese mainland ID card or passport, without any foreign identity." Users holding any of the following foreign identity documents will not be affected, and their accounts and all trading services will operate as usual: Hong Kong Permanent Identity Card; Hong Kong Non-permanent Identity Card (Temporary ID) Work Visa/Student Visa Other valid foreign identity documents

Futu Securities (Hong Kong) stated that there is currently no detailed regulation for a 2-year industry-wide rectification period, and user accounts and all trading/fund services are operating normally.