- The House Select Committee on China says 2021 Teams messages indicate a Webull employee believed to be in China had access to information about a U.S. customer account.
- Webull shares slid more than 19% after the committee's Oct. 7 report said the company is tied in structural ways to China's government.
- Webull says its U.S. customer data is stored only in the U.S. and access to sensitive data is restricted to U.S.-based employees.
- Webull says the 2021 messages relate to a concluded routine FINRA matter and that the committee relied on preliminary and outdated information.
Quotes
“All the evidence in these text messages points to Zhenghan Wang, a Webull employee, being located in China with access to U.S. customer data at the time he worked for the company.”
“Protecting customer data is central to Webull's operations.”