BREAKING: $435 million has been liquidated from the cryptocurrency market in the past 12 hours.

May 22 (Jinse) – Up Fintech, formerly known as Tiger Securities, announced on Wednesday that several of its subsidiaries received a notice from the Beijing Regulatory Bureau of the China Securities Regulatory Commission (CSRC) on May 22, 2026. The regulatory bureau has launched an investigation into the units over suspected illegal activities in securities, fund, and futures operations. Investigations found the subsidiaries conducted unlicensed cross-border securities business and illegal fund and futures activities within mainland China. Per the probe results, the Beijing CSRC imposed total administrative penalties of approximately 308.1 million RMB and seized around 103.1 million RMB in illegal gains. Wu Tianhua, the company’s director, CEO, and actual controller, also received a warning and a 1.25 million RMB fine. As of the end of 2025, retail client assets in mainland China made up roughly 10% of the firm’s total consolidated client assets, according to its financial statements

May 22. Market pricing signals that traders have fully priced in a 25 basis point interest rate hike from the Federal Reserve by the end of 2026. On the policy front, Federal Reserve Governor Waller stated that the Fed should not signal further rate cuts and should hold steady for the time being.

May 22 — Tiger Brokers (Hong Kong) Global Limited’s Chief Operating Officer Wang Shan has stated that the company is aware of a notice from China’s Securities Regulatory Commission (CSRC) concerning a crackdown on illegal cross-border securities and futures fund management activities and related penalties. The firm clarified that the CSRC notice does not directly apply to its Hong Kong-based unit, as the company holds a license from Hong Kong’s Securities and Futures Commission (SFC), operates independently, and is regulated by the SFC. This report is sourced from 21 Finance.

May 22: The final one-year inflation rate expectation for U.S. May came in at 4.8%, up from the prior 4.50%, per FXStreet.

On May 22, market pricing indicates U.S. interest rate futures traders now expect the Fed to hike rates as early as October. (FX Street)

Per LookOnChain monitoring on May 22nd, trader 0xf01d opened a 5x leveraged long position of 4.58 million ONDO tokens — approximately $2.1 million — within the past hour.