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A US congressional committee has raised concerns over online brokerage platform Webulls data security practices, questioning its assurances that sensitive American customer information remains protected despite the companys operational and corporate connections to China, The Epoch Times reported.
In a statement issued on October 20, the House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party accused Webull of making numerous false statements following its October 7 report examining the companys links to China, The Epoch Times reported. Webull has rejected the committees allegations. In a statement submitted to the Securities and Exchange Commission (SEC) on October 9, the company said US customer information is stored on Amazon Web Services servers located in the continental United States. It also maintained that employees based in China cannot access the data. However, lawmakers questioned these assurances, citing Webull Financials privacy notice, which allows personal information to be accessed by affiliated companies operating outside the United States. Although the notice does not specifically establish that Chinese employees can access customer information, the committee questioned the implications of these provisions, The Epoch Times reported. According to the report, the panel also examined Webulls corporate structure, noting that its US-facing application is owned by a Singapore-based affiliate and supported by Hunan Weibu Information Technology, its Chinese subsidiary. According to Webulls 2025 annual report, Hunan Weibu employed 863 people at the end of that year, accounting for approximately 62 per cent of the companys global workforce. The controversy surrounding Webull highlights growing concerns in the United States over data security, foreign corporate ties and the protection of sensitive customer information. The case has renewed scrutiny of how financial technology companies manage personal data across international operations. (ANI)
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