World News | US House Panel Questions Webull’s Data Security Assurances over China Links
Get latest articles and stories on World at LatestLY. A US congressional committee raised data security concerns regarding online brokerage Webull's corporate and operational ties to China. While Webull denied that its China-based employees can access US customer data, lawmakers questioned the company's privacy policies and international corporate structure.
Washington, DC [US], October 21 (ANI): A US congressional committee has raised concerns over online brokerage platform Webull’s data security practices, questioning its assurances that sensitive American customer information remains protected despite the company’s 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 company’s links to China, The Epoch Times reported.
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Webull has rejected the committee’s 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 Financial’s 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.
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According to the report, the panel also examined Webull’s 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 Webull’s 2025 annual report, Hunan Weibu employed 863 people at the end of that year, accounting for approximately 62 per cent of the company’s 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)
(The above story is verified and authored by ANI staff, ANI is South Asia's leading multimedia news agency with over 100 bureaus in India, South Asia and across the globe. ANI brings the latest news on Politics and Current Affairs in India & around the World, Sports, Health, Fitness, Entertainment, & News. The views appearing in the above post do not reflect the opinions of LatestLY)