US House Committee Calls Webull a National Security Risk — CNBC
The bipartisan US House Select Committee on China said that investment platform Webull poses national security risks because of its structural ties to the PRC. CNBC reports that the committee’s report points to a significant discrepancy between the company’s positioning as American and its actual corporate and technological structure.
Committee findings
According to lawmakers’ assessment, Webull’s ownership structure, technical staff, technology infrastructure, cross-border data routing, financing and compliance mechanisms are structurally linked to China. The committee claims that the platform’s software development, data flows and key engineering operations depend on infrastructure subject to PRC legislation.
The report states that national security concerns intensified after Webull began directly holding client funds in October 2025. In the document’s authors’ view, this creates a structural vulnerability for billions of dollars in US capital. The committee also said that critical internal systems, personnel and data flows may be subject to the requirements of Chinese intelligence legislation.
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Webull’s structure and employees
Webull Corp is incorporated in the Cayman Islands as a holding company. According to the committee, it has $24.6 billion in client assets. Its corporate structure includes US-based Webull Holdings (US) Inc., Singapore-based Webull Technologies Pte. Ltd. and a mainland China subsidiary that supports technology development and platform operations.
The committee also said that the company had previously reported having no offices or employees in the PRC, but that its Chinese subsidiary, Hunan Weibu, has 863 employees, according to the report. This represents 62% of Webull’s global workforce, the document’s authors claim. The company did not immediately provide CNBC with a comment on the lawmakers’ findings.
Webull trades on Nasdaq, says it has a network of licensed brokers in 18 markets, and offers trading in stocks, ETFs, options, futures, fractional shares and digital assets. The platform was founded in 2016 by Wang Anquan, a former Alibaba and Xiaomi manager.
