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Attorney General investigates Webull Financial's potential ties with Chinese Communist Party

LEGAL NEWSLINE

Saturday, November 23, 2024

Attorney General investigates Webull Financial's potential ties with Chinese Communist Party

State AG

Attorney General Todd Rokita is spearheading a multistate investigation into Webull Financial LLC, a Chinese-owned financial company. The inquiry aims to determine if the company has exposed its clients' personal information to the Chinese Communist Party (CCP).

"Hoosiers and the rest of the American public deserve to know more about Webull’s ownership and connections to the CCP," stated Attorney General Rokita. "As Indiana’s Attorney General, I have pledged since Day One to hold China accountable, and we are making good on that commitment."

Previously, Attorney General Rokita filed a complaint against TikTok, alleging violations of data privacy laws and misleading users regarding data protection under Chinese law.

On March 13, 2024, the U.S. House of Representatives passed the Protecting Americans from Foreign Adversary Controlled Applications Act. This legislation seeks to ban TikTok in the U.S. unless it separates from its Chinese owner, ByteDance. The Act is currently under Senate consideration.

"Webull’s data protection practices and representations also warrant serious scrutiny," said Attorney General Rokita. "In fact, Webull appears to collect more personally identifiable information and sensitive financial data from U.S. customers than TikTok."

Webull operates as a U.S.-registered broker-dealer enabling trading in U.S. stocks, options, and certain cryptocurrencies. It is owned by Hunan Fumi Information Technology Co., a Chinese entity conducting significant operations for its U.S. business using resources located in China.

Attorney General Rokita and other attorneys general have sent a letter to Webull's CEO with 11 questions aimed at clarifying their data protection practices for customers.

The full letter is attached.

A headshot of Attorney General Rokita is available for download.

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