Japan Financial Services Agency Orders Partial Business Suspension of moomoo Securities

Odaily Planet Daily News On June 19, the Japanese Financial Services Agency announced a partial business suspension order against moomoo Securities, requiring it to suspend the solicitation and acceptance of new account openings from June 19 to September 18, a period of 3 months. Simultaneously, the regulatory body issued a business improvement order, mandating the company to clarify the allocation of responsibilities, including that of management, and to formulate a corrective plan to prevent recurrence.

According to disclosures, moomoo Securities engaged in misconduct, including making false statements to customers regarding the scope of application of the Japanese tax-free小额 investment system for individual savings accounts (NISA). Additionally, the company faces multiple internal management issues, such as long-standing deficiencies in suspicious transaction screening and reporting, as well as inadequate cybersecurity measures. moomoo Securities is a Japanese subsidiary of Futu Holdings.