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Webull Corporation is a electronic trading platform owned by Hunan Fumi Information Technology, a Chinese holding company.[7] The platform offers commission-free and low-cost trading of stocks, exchange traded funds (ETFs), options, margins, fixed income, and futures. Founded in 2017, Webull is accessible via its mobile app and through desktop.
 | |
| Company type | Privately held company |
|---|---|
| Industry | Financial services |
| Founded | May 24, 2017[1][2] |
| Founders | Wang Anquan[3] |
| Headquarters | |
Key people | Anthony Denier (President)[5] |
| Products | Electronic trading platform |
| Services | Stockbroker |
| Owner | Wang Anquan[6] General Atlantic[4] Coatue Management [4]Lightspeed Venture Partners[4] J. Rothschild Capital Management[4] Gopher Asset Management |
| Parent | Hunan Fumi Information Technology |
| Website | www |
Webull's holding company has received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.[8] The holding company is incorporated in the Cayman Islands and headquartered in St. Petersburg, Florida.[9] Webull is expected to become a public company in 2024 via a special-purpose acquisition company (SPAC).[10]
Webull has received criticism from U.S. lawmakers and states attorneys general over its ties to Chinese companies. In 2024, a coalition of state attorneys general launched a probe into Webull over user privacy issues and concerns about the company's links to Chinese Communist Party (CCP) interests.[11]
Foundation and early history (2017-2021)
On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company[12] by Wang Anquan, a former employee of Alibaba Group.[6][13] In 2019, Webull's U.S. CEO Anthony Denier stated that Webull was “both a U.S. and Chinese company” in an interview.[11]
In May 2020, the company received SEC approval to launch a robo-advisor on its platform.[14] By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users.[15][16] In November 2020, Webull began supporting cryptocurrency transactions.[17]
On January 28, 2021, Webull halted buy orders for stocks affected by the GameStop short squeeze.[18] On that day, Webull recorded its highest-ever number of active daily users at 952,000.[19] That week, approximately 1.2 million people downloaded the Webull mobile app.[20]
Sports deals and IPO negotiations (2021-present)
In September 2021, the Brooklyn Nets and New York Liberty entered into a global multi-year agreement with Webull and the company became the official jersey patch partner for the Nets.[21] Terms of the agreement for the jersey patch weren't announced, but people familiar with the agreement told CNBC that it is a multi-year pact that pays the Nets roughly $30 million per year.[22]
In June 2021, Webull began talks of an initial public offering to raise up to $400 million.[23][24] As of August 2024, Webull is set to go public on Nasdaq via a special-purpose acquisition company (SPAC) agreement worth US$7 billion.[10]
Webull has received controversy owing to its ties to Chinese companies, with Anthony Denier, Webull's U.S. CEO, describing Webull as "both a U.S. and Chinese company" in 2019.[11]
2023 FINRA fine
In 2023, the Financial Industry Regulatory Authority (FINRA) fined Webull $3 million over the company's response to customer's complaints as well as its failure to conduct due diligence when allowing users to trade options.[25]
Lawmaker scrutiny
The Wall Street Journal reported that a number of U.S. lawmakers, including Senator Tommy Tuberville of Alabama, have expressed concerns about Webull in congressional hearings and letters to regulators.[11] In 2022, Tuberville led a bipartisan coalition of U.S. senators in introducing legislation to prevent Webull and other Chinese-owned companies from owning crypto exchange platforms.[26]
2024 U.S. state attorneys general probe
In 2024, attorneys general from 14 U.S. states launched a probe into Webull centered on data privacy concerns and its potential ties to the Chinese Communist Party.[27] In June 2024, the state of Tennessee banned Webull on all government-issued devices.[11]
The company has stated it has approximately 20 million users worldwide as of 2024.[27] Anthony Denier, the company's CEO, claimed that Webull's userbase attracted more advanced and experienced investors than competing platforms, such as Robinhood.[28]
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