Shares of the online Chinese brokerages Futu Holdings (NASDAQ: FUTU) and UP Fintech Holding (NASDAQ: TIGR) are getting crushed today after the China Securities Regulatory Commission (CSRC) asked both companies to stop accepting new Chinese customers.

As of 10:49 a.m. ET, shares of both Futu and UP Fintech had each fallen about 25%.

In a statement today, the CSRC said both Futu and UP Fintech had operated trading businesses without the agency signing off. While Futu and UP Fintech serve numerous clients in Mainland China, they don't have brokerage licenses in the country.

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Source Fool.com