TechFlow News, June 19: According to the Nikkei, Japan’s Financial Services Agency (FSA) announced on June 19 that it has ordered Moomoo Securities Co., Ltd. to suspend certain business operations for three months—from June 19 to September 18—specifically prohibiting the solicitation and acceptance of new account openings. Concurrently, regulators issued a business improvement order requiring the company to clearly assign responsibility—including at the management level—and formulate a corrective action plan to prevent recurrence.
It was disclosed that Moomoo Securities engaged in improper conduct, including providing false explanations to customers regarding the eligibility criteria for Japan’s Nippon Individual Savings Account (NISA) program. Additionally, the firm exhibited multiple internal management deficiencies, such as prolonged failures in investigating and reporting suspicious transactions and inadequate cybersecurity measures. Moomoo Securities is a Japanese subsidiary of Futu Holdings Limited.
