A bipartisan House panel says Webull’s ownership, technology operations and customer-data flows are structurally connected to China, creating a potential national security risk for U.S. investors. Its report points to the platform’s China-based workforce and systems, and warns that the company’s move to hold customer cash directly has heightened concerns about exposure of American capital.
Panel focuses on ownership and operations
The House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party says Webull’s public image as an American company does not reflect the complexity of its corporate and technical structure. The committee’s findings identify links across ownership, engineering, financing, compliance and data routing, arguing that key operations remain connected to China.
Webull Corporation is incorporated in the Cayman Islands, while Webull Holdings (US) Inc. is its U.S. holding company. The panel also identifies Singapore-based Webull Technologies Pte. Ltd. and a mainland China subsidiary involved in technology development and platform operations. Webull’s business originated with Hunan Fumi Information Technology Co., Ltd., a Chinese company.
Data security is the central concern
The committee argues that reliance on China-based technical infrastructure and personnel could leave Webull’s software development, data pipelines and core engineering operations subject to Chinese laws. It raises the possibility that those laws could compel companies to cooperate with government demands, including requests involving data. The report frames that exposure as a risk to sensitive information held for U.S. customers.
Senators led by Tommy Tuberville have separately called for an investigation into Webull Financial and Moomoo, citing the personal and financial information collected by the trading platforms. The House committee requested information from Webull in 2024, and the source material also describes separate inquiries by state attorneys general, led by Indiana Attorney General Todd Rokita. These are inquiries and concerns raised by officials, not a finding in the supplied material that customer data has been transferred to the Chinese government.
Workforce figures add to scrutiny
The report challenges Webull’s earlier account of its presence in mainland China. According to the committee, the company initially said it had no offices or employees in the People’s Republic of China and that its employees were based in the United States. The panel says the company’s operations remain concentrated in China, with its subsidiary Hunan Weibu employing 863 people.
That workforce represents 62% of Webull’s global employees, the report says. The proportion matters to the panel’s argument because it suggests that a large share of the platform’s operational capacity sits within the jurisdiction whose laws concern the committee. It does not, by itself, establish that authorities have accessed Webull customer information.
Customer assets raise the stakes
The panel says Webull holds $24.6 billion in customer assets and points to a change in how the platform handles cash. It says national security concerns escalated after Webull began carrying customer cash directly in October 2025, a development the committee says was disclosed in a regulatory filing. The report characterises this as exposure involving billions of dollars in U.S. capital.
Webull is listed on Nasdaq and says it operates licensed brokerages in 18 markets. Its services include trading in stocks, exchange-traded funds, options, futures, fractional shares and digital assets. Those details help explain why the panel considers the company’s infrastructure relevant to U.S. finance, while the report’s warnings remain allegations and risk assessments rather than proof of a disruption or data breach.
Investigation requests and company response
The House committee’s information request dates to 2024, and Senator Tuberville has called for a federal investigation into platforms with China ties, including Webull and Moomoo. The source material also says U.S. government bodies have made inquiries into Webull’s connections to China. Together, the actions show that scrutiny extends beyond the panel’s report, though the materials do not describe a final regulatory finding against the company.
Webull did not immediately respond to a request for comment on the report. Founded in 2016 by former Alibaba and Xiaomi manager Wang Anquan, the platform competes with Robinhood, Charles Schwab and E-Trade. The committee’s findings put its corporate structure and handling of U.S. customer information at the centre of an ongoing debate about financial technology and national security.
Takeaway: The panel’s case rests on Webull’s China-linked structure, workforce and data systems; it identifies potential exposure, not evidence of a confirmed breach.
References
- sec.gov — “Webull Corporation”
- tuberville.senate.gov — “Tuberville, Colleagues Call for Investigation into Stock Trading Platforms with Ties to China » Coach Tommy Tuberville”
- tuberville.senate.gov — “Tuberville, Banks Move to Protect Americans’ Financial Data from the CCP » Coach Tommy Tuberville”
- tuberville.senate.gov — “Tuberville, Banks Sound Alarm on Chinese Stock Trading Platforms » Coach Tommy Tuberville”
- gibsondunn.com — “Hong Kong Archives – Gibson Dunn”
