US House committee flags surveillance risk in Webull's China ties
- —Webull's China subsidiary employs 863 people, about 62% of its total workforce
- —Founder and CEO Wang Anquan is a Chinese citizen, holding 16.4% equity and 79.2% voting power
- —Webull reported 28.2 million users and $28.5 billion in customer assets
- —Webull shares fell 19.09% to $5.89 after the report was released
Why it matters: Pressure on crypto and brokerage platforms with China ties could tighten oversight and data-storage requirements for US customers.
Source: TokenPost