Congressional Probe Alleges Secret Chinese Control Over Webull Investment App

A bipartisan congressional panel has sounded a loud alarm over the digital investment platform Webull, claiming the company maintains deep structural ties to the Chinese government that pose a significant national security risk to the United States. According to a report released by the House Select Committee on China, there is a profound disconnect between Webull's branding as an American firm headquartered in Florida and its actual operational reality. Lawmakers argue that everything from the company's technical workforce and data routing to its overall ownership architecture remains tethered to the People's Republic of China.

The committee expressed particular concern regarding how billions of dollars in American capital are handled, noting that risks escalated once Webull began carrying customer cash directly. Because much of the firm's software development and core engineering depend on infrastructure within mainland China, investigators warn that these operations are subject to Beijing's strict intelligence laws. These regulations can compel companies to share sensitive data or cooperate with state security agencies, potentially giving the Chinese Communist Party unprecedented access to U.S. financial data and investor behavior.

Representative John Moolenaar, chairman of the committee, warned that using opaque, China-linked technology providers exposes American investors to a primary geopolitical adversary. The investigation further alleged that Webull misled Congress about its staffing levels; while the company previously claimed it had no employees based in China, the report suggests that over sixty percent of its global workforce actually operates through a mainland subsidiary called Hunan Weibu. This revelation adds weight to fears on Capitol Hill that foreign influence is being embedded into critical pieces of U.S. financial infrastructure.

Webull has pushed back strongly against these findings, calling them inaccurate and unsupported conclusions reached without proper clarification from the company. A spokesperson emphasized that U.S. customer data is stored domestically and managed by U.S.-based staff across their offices in Florida and New York City. Despite these denials, markets reacted sharply to the news, sending Webull's stock plummeting eighteen percent during morning trading as investors weighed the potential for increased regulatory scrutiny or forced divestiture from Chinese interests.