Shares of Webull Corp. (BULL) fell by as much as 20% on Wednesday after the bipartisan U.S. House Select Committee on China released a report identifying the trading platform as a national security risk because of its structural ties to China. The committee said there is a “profound gap” between Webull’s marketing as an American firm and its operations.
The report cited the company’s ownership, technology infrastructure and a significant portion of its workforce being based in China. It said those ties could expose sensitive U.S. customer data to Chinese authorities.
The committee said the risks have escalated since October 2025, when Webull began directly holding customer cash. The cash totals billions of dollars. Webull disputed the report, calling its findings inaccurate.