House Panel Questions Webull Data Access
Lawmakers are scrutinizing claims regarding whether employees in China can access sensitive U.S. customer information.
Updated on Oct. 21, 2026 in Investing
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A House panel has challenged Webull regarding its data privacy practices, specifically questioning whether employees based in China can access the information of U.S. customers. Webull disputes these findings and maintains that its U.S. customer data remains secure and inaccessible to personnel outside the country.
Why it matters
The investigation highlights growing congressional concern over the potential for foreign entities to access domestic financial data through international subsidiaries. The company's complex corporate structure, involving affiliates across multiple jurisdictions, sits at the heart of the privacy debate.
Webull Financial reported an $83.1 million debt to its Singapore technology affiliate at the end of 2024. Additionally, its Chinese subsidiary, Hunan Weibu, employed 863 people by the end of 2025.
The players
Webull Financial
This investment platform provides brokerage services to U.S. customers through a series of international technology affiliates.
Hunan Weibu Information Technology Co.
This China-based subsidiary provides technical support for the mobile application used by the firm's American client base.
FINRA
The Financial Industry Regulatory Authority is a government-authorized not-for-profit organization that oversees U.S. broker-dealers.
The details
Webull states that U.S. customer information is stored on Amazon Web Services infrastructure located within the United States. However, the company's own privacy notices indicate that personal data may be accessed by affiliates operating in jurisdictions outside the U.S., fueling the current congressional scrutiny.
Timeline
October 20, 2026: House panel challenged Webull's data access claims.
October 7, 2026: Committee released its report alongside a statement from Webull.
End of 2025: Hunan Weibu reached a total of 863 employees.
End of 2024: Webull Financial held an $83.1 million debt to its technology affiliate.
2023: Massachusetts and FINRA issued regulatory fines against Webull.
Market Dynamics
The probe into Webull aligns with broader legislative efforts to harmonize data security standards under the SEC's Regulation S-P across globalized financial service providers. This reflects a structural shift as regulators attempt to bridge the gap between U.S. oversight and international tech operations.
Retail investors should review their brokerage's privacy notice to understand which international affiliates may legally access their personal account data. Awareness of how firms handle cross-border information transfers is increasingly important for those concerned with digital asset security.
The takeaway
Maintaining awareness of where your financial data is physically hosted remains a critical step for modern digital investing. Always verify that your brokerage platform complies with domestic privacy requirements regardless of their international corporate footprint.
Further reading
For more context on how brokerage platforms manage client information, visit the Investing section.
Source note: This article includes information reported by Theepochtimes.
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