Story perspectives

House Committee Accuses Webull of False China Data Claims

By Drooid · Oct 21, 2026, 4:22 PM UTC · How we work

Summary

Story summary

The U.S. House Select Committee on the Strategic Competition accused Webull of making false statements about Chinese access to data.
Committee cited 2021 Teams messages where employee Zhenghan Wang in China discussed approving a U.S. customer account.
Webull said U.S. customer data resides on AWS servers in Virginia and Oregon, inaccessible to Chinese staff.
Webull shares fell more than 19 percent after the Oct. 7 committee report was released.

1 of 1

Story summary

The U.S. House Select Committee on the Strategic Competition accused Webull of making false statements about Chinese access to data.
Committee cited 2021 Teams messages where employee Zhenghan Wang in China discussed approving a U.S. customer account.
Webull said U.S. customer data resides on AWS servers in Virginia and Oregon, inaccessible to Chinese staff.
Webull shares fell more than 19 percent after the Oct. 7 committee report was released.