New internal messages suggest a Webull employee in China had access to US customer data, contradicting the company's claims of data segregation.
01Summary
- 01House Select Committee on China released Microsoft Teams messages from 2021 showing Webull employee Zhenghan Wang, likely in Beijing, discussing a US customer account.
- 02The messages indicate Wang asked about approving accounts despite Customer Identification Program (CIP) requirements, which a colleague described as 'useless'.
- 03Webull shares fell over 19% after the committee's October 7 report accusing the firm of being structurally tied to China's government.
- 04Webull maintains that US customer data is stored only in the US on AWS servers in Virginia and Oregon, and access is restricted to US-based employees.
- 05The committee rebutted Webull's claims, saying its report focused on who can reach data and systems, not on storage location.
02Why it matters
This matters because millions of US investors use Webull, and the allegations raise serious concerns about the security and privacy of their financial data if it can be accessed from China.
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