Japan Financial Services Agency orders moomoo Securities to suspend opening new accounts for 3 months

According to Nikkei News, on June 19, Japan's Financial Services Agency issued a partial business suspension order to moomoo Securities, the Japanese subsidiary of Futu Holdings, requiring it to halt the solicitation and acceptance of new account openings from June 19 to September 18. The regulatory authority also issued a business improvement order, requesting moomoo Securities to clarify management responsibility and develop a remediation plan. moomoo Securities has internal management issues such as making false statements to clients regarding the applicable scope of the Japanese Individual Savings Account system (NISA), deficiencies in suspicious transaction checks and reporting, as well as inadequate cybersecurity measures.