U.S. House Report Claims Webull Has Data Security Risks, Webull Denies Falsehoods

The U.S. House of Representatives' Select Committee on the Strategic Competition Between the United States and China released a 23-page report stating that the ownership structure, technical team, infrastructure, and data transmission of the cryptocurrency brokerage Webull are linked to China, posing risks to American investors. On the day the report was released, Webull's stock price dropped by 19%, closing at $5.89. A spokesperson for Webull responded that the report contains significant inaccuracies and that the committee had not contacted them in the 20 months prior to the release. Webull stated that its U.S. operations are conducted from its global headquarters in Florida and its office in New York, with American customer data stored within the United States and access to sensitive data controlled by the U.S. side.

This content is provided for general informational purposes only and doesn't constitute financial, investment, legal, or tax advice. Any events, rewards, online promotions, or related information mentioned herein should not be considered a recommendation, solicitation, or invitation to purchase, sell, trade, or otherwise deal in any crypto assets. Crypto assets are highly volatile and may result in loss. The availability of WEEX services, products, and related events may vary by region. You are responsible for ensuring that your participation is in accordance with applicable local laws and regulations.