Webull is a commission-free trading app operated by Webull Financial LLC (FINRA-member broker-dealer, New York) under Webull Corporation, a Cayman Islands exempted company that began trading on Nasdaq in April 2025 via SPAC merger; the app software itself is owned and operated by a separate affiliate, Webull Technologies Pte. Ltd. Webull's own privacy notices disclose broad collection (including inferred psychological/behavioral traits), third-party analytics and ad-tech (Google Analytics, cookies), and a no-sell claim paired with third-party ad-data collection and an asset-sale caveat in the app-level policy. Ownership is traceable through mandatory SEC filings, which also disclose that founder and CEO Anquan Wang, a PRC citizen, controls 79.2% of voting power via super-voting shares. No privacy breach or data-protection enforcement action was found; the company has drawn a December 2024 U.S. House Select Committee inquiry and a 2024 multistate AG letter over China-data-security concerns (unresolved allegations, not adjudicated findings), and a 2023 FINRA $3,000,000 fine for options-trading-approval supervision failures (an investor-protection matter, not a privacy incident).
TRACK RECORD
1 ENFORCEMENT ACTION
FINRA's 2023 Letter of Acceptance, Waiver and Consent against Webull Financial LLC (CRD 289063) found the firm did not exercise reasonable due diligence before approving customers for options trading via an automated system between December 2019 and July 2021, and imposed a censure and a $3,000,000 fine -- an investor-protection/supervisory enforcement action, not a privacy or data-security matter.
Webull Financial LLC's Privacy Notice discloses that the mobile app, desktop app, and website are owned and operated not by the broker-dealer itself but by a separate affiliate, Webull Technologies Pte. Ltd., which maintains its own additional privacy policies.
Webull Corporation's FY2025 Form 20-F (filed with the SEC April 9, 2026) discloses that founder and CEO Anquan Wang, a citizen of the People's Republic of China, beneficially owns 16.4% of outstanding ordinary shares but controls 79.2% of total voting power through super-voting Class B shares.
Webull Technologies Pte. Ltd.'s Privacy Policy, which governs the app/website software itself (distinct from the brokerage GLBA notice), states that in a bankruptcy, merger, acquisition, reorganization, or sale of assets, user information may be sold or transferred as part of that transaction.
Under its CCPA sale-opt-out section, the Notice states Webull does not sell personal information to third parties, but separately allows third parties to collect information through its Services to help deliver advertising and marketing on other platforms.
FINRA's 2023 Letter of Acceptance, Waiver and Consent against Webull Financial LLC (CRD 289063) found the firm did not exercise reasonable due diligence before approving customers for options trading via an automated system between December 2019 and July 2021, and imposed a censure and a $3,000,000 fine -- an investor-protection/supervisory enforcement action, not a privacy or data-security matter.
Webull Corporation's Form 20-F states that on December 5, 2024 the U.S. House Select Committee on the Strategic Competition Between the United States and the Chinese Communist Party sent a letter to Webull Financial's CEO requesting information about the relationship between Webull Financial and the company's China operations and the security of sensitive customer data; the company states it has not received further requests in over a year and characterizes the underlying claims as based on outdated and inaccurate information. This is a congressional inquiry/allegation, not an adjudicated finding or confirmed breach.
The same Privacy Notice states Webull uses third-party advertising and analytics services, naming Google Analytics, to understand users' online activity and serve interest-relevant content and advertising.