The House Select Committee on China released a report indicating that Webull's operations are closely linked to China, despite its marketing as an American company.
The committee highlighted that Webull's corporate structure and technology infrastructure expose American capital to potential risks from the Chinese Communist Party, particularly since the company began handling customer cash directly in October 2025.
This situation raises alarms about the security of sensitive data and financial assets, as the Chinese laws could compel cooperation with government demands. Representative John Moolenaar emphasized that Webull's reliance on technology providers in China poses risks to American investors.
The report also claims that Webull misrepresented its workforce, stating it has no employees in China while actually having a significant portion of its staff based there. With $24.6 billion in customer assets, the implications of these findings could affect investor confidence and regulatory scrutiny of Webull and similar platforms in the future