BlockBeats News, June 19th: According to Nikkei News, the Japanese Financial Services Agency announced on the 19th that it has issued a partial business suspension order to the foreign-owned internet securities firm moomoo Securities (Shibuya, Tokyo). The order requires the company to suspend new account opening solicitation and acceptance business from June 19th to September 18th, for a period of three months. Additionally, the Financial Services Agency also issued a business improvement order, demanding strengthened internal management systems, clear assignment of responsibilities including from the management, and the formulation of a business improvement plan to prevent recurrence of issues.

According to the Japanese Financial Services Agency, the company has engaged in improper business practices, such as providing false explanations to customers and misleading products that do not fall under the NISA (Nippon Individual Savings Account) tax-exempt system as being eligible. Japan's Financial Instruments and Exchange Act prohibits solicitation of customers or contract conclusion based on false information. Furthermore, the company has long neglected to verify and report suspicious transactions, and its network security measures are inadequate, with multiple deficiencies in its internal management systems.

moomoo Securities is a Japanese subsidiary of the Hong Kong-based online brokerage giant Futu Holdings, listed on the NASDAQ in the United States. Through its mobile app services, it has been downloaded in Japan over 2 million times, expanding its customer base with a selling point of low commission fees for U.S. stocks.