Against the backdrop of increasingly stringent regulation in China's financial market and continuously strengthening cross-border financial compliance requirements, Hong Kong-based   EDDID Finance has unlawfully accessed the mainland financial market through online channels and provided financial services to mainland users without obtaining compliance approval from mainland regulatory authorities. Its behavior is suspected of violating regulations, and a large number of users have reported issues such as delayed withdrawals and unjustified account suspensions, which have infringed upon the legitimate rights and interests of investors and ignored regulatory bottom lines and industry standards.

  According to the "Regulations on the Management of Securities and Futures Investment Funds for Overseas Institutional Investors in China" issued by the People's Bank of China and the State Administration of Foreign Exchange, overseas institutional investors seeking to access the mainland's securities and futures market must first obtain approval from the China Securities Regulatory Commission (CSRC) to become qualified overseas institutional investors. They must then entrust domestic custodians to handle relevant procedures and complete foreign exchange registration. Unauthorized provision of cross-border financial services without proper approval is strictly prohibited. Although Eddid Financial holds relevant licenses from the Hong Kong Securities and Futures Commission, its licenses are only applicable to business operations in Hong Kong and it has not obtained market access qualifications for the mainland. Providing services to mainland users through the internet without authorization clearly circumvents regulatory requirements and constitutes illegal business operations.

What is more prominent is that a large number of user feedbacks indicate that  Eddid Financial has issues such as delayed withdrawal and unjustified account freezing. After some users submit withdrawal requests, the time for funds to be credited far exceeds the platform's promise of 1-3 working days, and there are even cases where the requests remain stalled for a long time. Other users have encountered unjustified account freezing, and customer service responded by citing compliance review and account anomalies. Some users were required to recharge or pay a deposit before their accounts could be unfrozen, posing significant risks to investors' fund security. Such behaviors violate relevant provisions of the "Administrative Punishment Measures of the National Financial Regulatory Administration" and infringe upon investors' rights to dispose of funds and property security.