House Panel Accuses Webull of Misrepresenting China Operations
Investigators say China-based staff and technology put U.S. investor data at risk; Webull says U.S. customer data remains under U.S. control.
TL;DR
- A bipartisan House panel accused Webull of misrepresenting where its key employees are located.
- The panel stated that Webull's China-based operations put American investors' financial data at risk.
- Webull's counsel initially told investigators that the firm had no employees in the PRC.
- FINRA records identified 35 individuals associated with Webull who reported Chinese addresses or office locations between January 2021 and December 2024.