Futu Announces Uplift of Type 1 License to Include Virtual Asset Dealing Service
Rhea-AI Summary
Futu Holdings (Nasdaq: FUTU), a tech-driven online brokerage and wealth management platform, announced that its subsidiary, Futu Securities International (Hong Kong) , has upgraded its Type 1 license. Granted by the Hong Kong Securities and Futures Commission (SFC), this upgrade allows Futu Securities to offer virtual asset dealing services to retail and professional investors in Hong Kong. This development aims to expand Futu's service offerings and enhance its market position in the rapidly growing virtual asset sector.
Positive
- Futu Securities' Type 1 license upgrade allows offering virtual asset dealing services to retail and professional investors, potentially broadening the customer base.
- The upgraded license enhances Futu's market position in the virtual asset sector, a rapidly growing market.
Negative
- None.
News Market Reaction
On the day this news was published, FUTU declined 7.40%, reflecting a notable negative market reaction.
Data tracked by StockTitan Argus on the day of publication.
HONG KONG, July 08, 2024 (GLOBE NEWSWIRE) -- Futu Holdings Limited (“Futu” or the “Company”) (Nasdaq: FUTU), a leading tech-driven online brokerage and wealth management platform, today announced that its wholly-owned subsidiary, Futu Securities International (Hong Kong) Limited (“Futu Securities”), has upgraded its Type 1 license to include virtual asset dealing service by Hong Kong Securities and Futures Commission (SFC). This upgrade will enable Futu Securities to provide virtual asset dealing services to both retail and professional investors in Hong Kong.
About Futu Holdings Limited
Futu Holdings Limited (Nasdaq: FUTU) is an advanced technology company transforming the investing experience by offering fully digitalized financial services. Through its proprietary digital platforms, Futubull and moomoo, the Company provides a full range of investment services, including trade execution and clearing, margin financing and securities lending, and wealth management. The Company has embedded social media tools to create a network centered around its users and provide connectivity to users, investors, companies, analysts, media and key opinion leaders. The Company also provides corporate services, including IPO distribution, investor relations and ESOP solution services.
Investor Contact
Investor Relations
Futu Holdings Limited
ir@futuholdings.com
FAQ
What recent license upgrade did Futu Securities receive?
When did Futu announce the license upgrade for virtual asset dealing services?
What is the significance of Futu Securities' Type 1 license upgrade?
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