Webull is facing a major national security warning from US lawmakers.
A bipartisan House Select Committee on China has accused the digital investment platform of having deep structural links to China’s government and said those ties could pose a risk to the US financial system.
Its report pointed to the company’s ownership architecture, technical workforce, technology infrastructure, cross-border data routing, corporate financing and compliance systems as areas connected to China. The committee warned that these links could expose sensitive US financial information to Chinese authorities.
The committee said there is a big gap between Webull’s public image and how the company actually operates. Webull markets itself as an American company, but the committee said its ownership, technology, workforce, infrastructure and data systems remain closely connected to China, according to CNBC. The congressional panel said Webull’s ownership and technology structure are linked to China in several ways. It said Webull’s software development, data pipelines and core engineering operations depend on infrastructure that is subject to Chinese laws.
Chinese laws are a major part of the lawmakers’ concern. Lawmakers believe this creates exposure to billions of dollars in US money. The committee also questioned Webull’s backend systems and data flows. The company has rejected the congressional report.
The committee said the national security risk has become more serious since October 2025.
The committee said companies operating in China can be required to cooperate with the Chinese government in different ways, including providing access to data, according to CNBC. That is when Webull started carrying customer cash directly, according to a regulatory filing cited by the committee. The committee said Webull’s handling of customer cash creates a “structural exposure” involving billions of dollars in American capital. It said critical systems, employees and data movements could remain exposed to Chinese Communist Party intelligence laws and government demands. A Webull spokesperson said the report contained “significant inaccuracies and unsupported conclusions” and said the committee never asked Webull for clarification before publishing its findings, according to CNBC.
