House Committee Alleges Webull Employee Accessed U.S. Data From China

The House Select Committee on China released internal Microsoft Teams messages indicating that a Webull employee based in China had access to U.S. customer data in 2021. By analyzing timestamps and software translation settings, the committee concluded that employee Zhenghan Wang was working Beijing hours while discussing a U.S. customer account.

These findings contradict public assertions from Webull that sensitive U.S. customer data is restricted to U.S.-based personnel. The release follows an October 7 report from the committee stating that Webull is structurally tied to the Chinese government and poses a national security threat to American finance. The committee further alleged that Webull previously used Tencent Cloud to host user data and has made false statements regarding its business operations.

Webull denied the allegations, stating that its U.S. customer data is stored exclusively on AWS servers in Virginia and Oregon. The company characterized the referenced messages as relating to a concluded 2021 FINRA matter and maintained that its U.S. broker-dealer operations are directed solely by U.S.-based personnel.