Webull dispute sharpens around overseas access to US customer data

The US House Select Committee on the CCP renewed its criticism of Webull on 20 October, arguing that the broker’s response to its investigation leaves overseas access to American customers’ information unresolved. The committee explicitly says its concern is access to data and processing systems, rather than whether the data is stored in the United States.[1]

Webull’s 9 October statement, filed with the SEC, says sensitive US customer information is controlled by US-based supervisors, inaccessible to employees in China and subject to tests by independent US auditors. It says the report identifies no improper access or misuse and that Webull has experienced no material cybersecurity incident involving customer data.[2]

The committee points to the broker’s own privacy notice, which permits access by overseas affiliates. The notice available at the cited Webull Financial URL is dated March 2022. Its transfer section states both that information is stored in the US cloud and that affiliates in other jurisdictions may access personal information.[1][3]

Those statements concern different levels of detail. A general permission for overseas affiliates does not identify which data fields a particular employee can see. Equally, the physical location of a server does not explain who controls access credentials. Resolving the disagreement requires evidence about the actual permissions, restrictions and audit results, rather than the hosting address alone.

There is also a dispute over the investigation’s process. The committee says it sent questions in late 2024, received two responses and 306 pages in early 2025, and supplied the report to counsel before publication. Webull says there were no subsequent interviews or follow-up questions and that it could not respond to the findings before release.[1][2]

Customer assets are a separate issue: Webull says cash and securities remain with US regulated institutions and that nobody in China can move customer funds. The 20 October publication is the committee’s rebuttal; it does not announce a new SEC or FINRA order restricting accounts. Webull’s published response says operations continue unchanged.[2][1]

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