- A bipartisan House Select Committee on China found that Webull is tied in structural ways to the Chinese government, representing a national security threat to U.S. finance.
- The committee alleges Webull's ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied to the People's Republic of China.
- The panel says national security concerns escalated after Webull began carrying customer cash directly in October 2025, creating exposure of billions in American capital; Webull holds $24.6 billion in customer assets.
- The committee alleges Webull misrepresented its China-based employee count, initially telling the panel it had no offices or employees in the PRC.
- Rep. John Moolenaar, chairman of the committee, said Webull's China-based operations put American investors and their data at risk.
Quotes
“Webull's ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing, and compliance frameworks are tied in structural ways to the People's Republic of China”
“Using technology providers in mainland China and an opaque China-linked ownership structure, Webull exposes its data to our foremost adversary”
“Investors should heed this information when choosing who they do business with.”