Webull says House China panel report gets key facts wrong, cites incomplete record
BULL•Webull disputed the House Select Committee’s process and conclusions, saying U.S. customer data and assets are held in the United States and that the report cited no instances of improper data access, transfer or misuse.
1. Webull disputes report
Webull said it backed the committee’s recommendations to tighten U.S. financial regulation but disputed the report’s process and key conclusions. The company said U.S. customer data is stored on AWS in the continental United States, with China-based staff blocked from sensitive information, and that customer cash and securities are held at U.S.-regulated institutions. It also said the report cited no improper access, transfer or misuse of customer data and no material customer-data cybersecurity incident; Webull said the committee paused engagement for about 20 months before publishing without giving it an opportunity to respond.
