Japan's Financial Services Agency Orders Moomoo Securities to Partially Suspend Operations

Odaily星球日报讯 On June 19, the Japanese Financial Services Agency (FSA) announced a partial business suspension order against moomoo Securities, requiring it to suspend solicitation and acceptance of new account openings from June 19 to September 18, a period of three months. Simultaneously, the regulator also issued a business improvement order, requiring the company to clarify attribution of responsibility, including that of management, and formulate a rectification plan to prevent recurrence.

According to disclosures, moomoo Securities engaged in improper conduct, including making false explanations to customers regarding the scope of application of the Japanese Nippon Individual Savings Account (NISA) system. Additionally, there were multiple internal management issues such as long-standing deficiencies in suspicious transaction checks and reporting, and inadequate cybersecurity measures. Moomoo Securities is the Japan-based subsidiary of Futu Holdings.