The Facts on Webull's Ties to China

The Select Committee on China recently released a bipartisan investigation on Webull Financial's ties to China. The committee's report documented how the company’s practices exposed American investors’ data to surveillance risks in China. It also showed how the company is controlled by China-linked executives and how Webull's China-based subsidiary receives subsidies and cash rewards from Chinese government authorities.

The company has since responded with numerous false statements about its business and its interactions with the Select Committee.



Webull Claim: The Select Committee published the Report "Without ever seeking clarification from Webull"

The Truth: The Select Committee sent Webull detailed written questions on Nov. 25 and Dec. 5, 2024 (letter).

Webull answered in letters dated Jan. 6 and Feb. 3, 2025, and produced 306 pages of documents. Its first letter welcomed "the opportunity … to clarify certain misunderstandings regarding its corporate structure and business."†

Webull's in-house and outside counsel received the report before it was published.

The company had nearly two years to clarify and answer the committee's concerns. 

Webull Claim: "Access to sensitive customer data is controlled by the U.S."

The Truth: Webull's very own privacy notice says personal information "may be accessed by our affiliates in jurisdictions other than the United States."

Webull Claim: "U.S. business is conducted from St. Petersburg, Florida and New York City" 

The Truth: Webull's own 2025 annual report says "our principal research and development center is located in Changsha, China." Its subsidiary there, Hunan Weibu, employed 863 people at the end of 2025, 62% of Webull's workforce.

From January 2020 to April 2024, Webull's FINRA-registered branch in mainland China was "primarily responsible for providing customer service to Webull clients," with some staff providing overnight technical support (Webull's letter, quoted in the report).

The app U.S. customers use is owned by Webull's Singapore affiliate and supported by Hunan Weibu. Webull Financial remits to that affiliate the platform revenue above 120% of its own expenses "in exchange for technology services," and owed it $83.1 million at the end of 2024 (audited statement).

Webull Claim: "U.S. customer data is stored in the U.S."

The Truth: The Select Committee’s report does not dispute where the data is stored. Its finding is about who can reach the data and the systems that process it.

The report found that Webull affiliate Webull Technologies Limited previously used Tencent Cloud, a China-based provider, to host certain user data (source). Webull has not said what data Tencent hosted or when that ended.

Webull Claim: It will address any questions with “the same transparency we bring to the SEC, FINRA, and regulators worldwide."

The Truth: WeBull has mislead regulators across the country.

• Massachusetts (2023): Webull acknowledged it "provided inaccurate complaint figures to the Divison at different times," and it had no formal procedures for responding to regulators. Fine: $500,000 (consent order).
• California (2022): Webull did not answer a regulator's request for books and records for a year, until the state issued a desist-and-refrain order and moved to impose penalties (DFPI).
• SEC (2024): Webull "willfully" filed deficient anti-money laundering suspicious activity reports from October 2018 to December 2022. Penalty: $125,000 (order).
• FINRA (2023–2026): $3 million for options-approval and complaint-reporting failures, including unreported theft complaints; $1.6 million for failing to supervise and keep required communications, among other violations; $115,000 for inaccurate options order records (BrokerCheck).