Japan Financial Services Agency Orders moomoo Securities to Suspend New Account Openings for 3 Months

According to Nikkei News, on June 19, the Japan Financial Services Agency issued a partial business suspension order to moomoo Securities, the Japanese subsidiary of Futu Holdings, requiring it to halt solicitation and acceptance of new account openings from June 19 to September 18. The regulatory authority also issued a business improvement order, demanding moomoo Securities clarify management responsibilities and formulate a rectification plan. Internal management issues at moomoo Securities include providing false explanations to customers regarding the applicability of Japan's Individual Savings Account system (NISA), deficiencies in suspicious transaction checks and reporting, and insufficient cybersecurity measures.