House Committee reveals Webull employee in China accessed US client data

The House Select Committee on China released 2021 Teams messages that link a Webull employee, Zhenghan Wang (nicknamed "Rock"), to a discussion with U.S. brokerage manager Brendan Fuller about approving a U.S. customer account. Wang queried the approving authority and compliance with the Customer Identification Program, and Fuller replied that approvals were handled by both China and U.S. team members and often proceeded automatically.

The committee cited Beijing daytime timestamps and a simplified-Chinese setting to confirm Wang was in China with potential data access. Webull maintains that all U.S. customer data resides on AWS servers in Virginia and Oregon and is only accessible to U.S.-based employees, though it did not answer whether Wang could view the records. The committee also noted Webull’s privacy notice allowing affiliate access abroad, its reliance on Tencent Cloud for some data hosting, and that its Chinese subsidiary Hunan Weibu employed 863 staff, 62% of the workforce, as of the end of 2025. The revelations follow an earlier October 7 report linking Webull to Chinese government ties, after which the company's stock fell more than 19%.