China's Securities and Exchange Commission (CSRC) has announced stringent penalties against major US stock trading platforms operating within the country, including Tiger Brokers (NZ), Futu Securities (HK), and Longbridge Securities (HK). These platforms are accused of unauthorized securities trading, marketing, public fund sales, and futures brokerage in mainland China. The CSRC, along with eight other departments, has issued a joint plan to ban overseas firms from offering account opening, trading, and fund transfer services, with a two-year period to clean up existing illegal operations. The crackdown involves confiscating all illegal gains from these activities, potentially benefiting centralized exchanges (CEXs) and on-chain US stock trading. This move underscores China's commitment to regulating cross-border financial activities and ensuring compliance with domestic laws.