House Panel Accuses Webull of Misrepresenting China Operations

A bipartisan House panel has accused online brokerage Webull of misrepresenting the location of its key employees and stated that its China-based operations pose a risk to American investors’ financial data. The committee reported that Webull’s counsel initially claimed no employees were in the People’s Republic of China (PRC), but later records showed 35 individuals associated with the firm reported Chinese addresses or office locations. These findings raise concerns about the security of U.S. investor data.

• 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.