Tiger Brokers to pay $100m fine for cross-border security activities

Tiger Brokers says "compliance has always been a core principle" after it was fined more than $100 million by the China Securities Regulatory Commission.

New Zealand's largest online brokerage firm will pay the fine, levied as part of a crackdown on illegal cross-border security activities.

"Tiger Brokers has accepted the latest regulatory guidance issued by the China Securities Regulatory Commission in relation to its business in mainland China," Tiger Brokers NZ managing director Vincent Cheung said in a statement to RNZ.

Do you know more? Email nona.pelletier@rnz.co.nz

China recently tightened regulations that restrict residents of China from sending more than US$50,000 a year overseas, though commercial operators were exempt from the personal limit.

"As a financial institution operating across global markets, compliance has always been a core principle underpinning Tiger Brokers' long-term development," Cheung said.

Tiger Brokers NZ was part of group of companies owned by Nasdaq-listed Up Fintech.

Cheung said the group's financial position remained sound and the New Zealand business and global operations would continue as normal.

"Client assets are strictly segregated and safeguarded in accordance with regulatory requirements."

He said the company would continue to offer financial services to clients.

"Our goal is to provide safe and reliable financial services to clients worldwide while pursuing long-term sustainable growth."

Sign up for Ngā Pitopito Kōrero, a daily newsletter curated by our editors and delivered straight to your inbox every weekday.