Webull, a digital brokerage platform, is quietly “tied in structural ways” to the Chinese authorities — representing a national security menace to the nation’s funds, according to reported findings from US lawmakers.
Shares in Webull – a trading app comparable to Robinhood that boasts 28 million international customers – plummeted 18% after CNBC reported the House Select Committee on China discovered its information flows “may remain exposed to the Chinese Communist Party’s” calls for.
In a new report, the committee recognized “a profound gap” between Webull advertising and marketing itself as “an American company” based mostly in St. Petersburg, Fla., and its precise compliance with Beijing’s legal guidelines.
Webull shares plummeted 18% Wednesday. Getty Images
A spokesperson for Webull defended the company, claiming it conducts business from its international headquarters in St. Petersburg and operates an workplace in New York City, including that US buyer information is saved in the US.
“It is deeply disappointing that the Select Committee published a report containing significant inaccuracies and unsupported conclusions without ever seeking clarification from Webull,” the spokesperson informed The Post.
“We remain prepared to address any questions directly and with the same transparency we bring to the SEC, FINRA and regulators worldwide.”
In 2024, a group of GOP attorneys common launched a probe into the company’s ties to China’s mainland and its ruling Communist Party.
The committee famous in its reports that its issues around the company have “escalated” since October 2025, when Webull began carrying buyer money instantly – exposing “billions of dollars in American capital,” CNBC reported.
CNBC reported that a bipartisan committee recognized ties between Webull and the Chinese authorities. SOPA Images/LightRocket via Getty Images
Webull – which holds $24.6 billion in buyer property – was based by Wang Anquan, a high exec from China-based e-commerce giant Alibaba, in 2016.
The upstart competes with digital investment platforms like Robinhood and Charles Schwab, permitting them to commerce shares, exchange-traded funds, choices, futures and digital property.
But its “critical backend systems, personnel and data flows may remain exposed to the Chinese Communist Party’s mandatory intelligence laws and coercive demands,” the committee wrote in its report.
Webull Corp. is a Cayman Islands-incorporated holding company. The committee’s report famous that Webull has a US holding company recognized as Webull Holdings (US) Inc. – but it also runs a technology department based mostly in Singapore and a subsidiary based mostly in mainland China, according to CNBC.
