Earlier today, the House Select Committee on China reported that Webull Corporation (NASDAQ:BULL), a regulated broker-dealer operating in the United States, has been deemed to be colluding with Chinese authorities. The Committee cautioned that Webull users may be putting personal information and data at risk by using the platform.
A spokesperson from Webull has shared the following statement after the report, pushing back on the claims:
“It is deeply disappointing that the Select Committee published a report containing significant inaccuracies and unsupported conclusions without ever seeking clarification from Webull. Webull has made every effort to cooperate with the Committee, but did not hear from them for more than 20 months before this report was released. Webull’s U.S. business is conducted from its global headquarters in St. Petersburg, Florida and its office in New York City, while U.S. customer data is stored in the U.S. and access to sensitive customer data is controlled by the U.S. We remain prepared to address any questions directly and with the same transparency we bring to the SEC, FINRA, and regulators worldwide.”
As was previously reported, it is not immediately clear if any government actions will be taken beyond the Committee’s statement.
Webull operates in 18 different markets, including the US, with over 28 million users.