US SEC Launches Insider Trading Probe Against Futu and Tiger Brokers
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On June 29 Susquehanna filed a federal lawsuit in Manhattan alleging unknown traders used options bets ahead of a Chinese regulatory crackdown on brokers Futu and Tiger Brokers to profit about $100 million while Susquehanna claims a $70 million loss. The US SEC has opened a probe into the allegations, raising security and market integrity concerns with potential implications for crypto trading platforms, CEXs and cross-border brokerage practices.
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- Susquehanna has accused Futu and Tiger Brokers of enabling insider trading.
- The US SEC has launched an investigation into Susquehanna’s latest allegations.
- Insider traders allegedly made a $100 million profit betting on Futu and Tiger Brokers
According to reports, US regulators have opened a probe into an allegation by Susquehanna International Group. The group accused unknown traders of manipulating options bets ahead of a recent crackdown by Chinese regulators on cross-border brokerages Futu and Tiger Brokers, making $100 million in the process.
Susquehanna Claims a $70 million Loss
On June 29, Susquehanna announced that it had filed a lawsuit in a federal court in Manhattan on the matter. Meanwhile, the US Securities and Exchange Commission (SEC) has launched investigations, examining the trades described in Susquehanna’s complaint.
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