Company:Webull

From HandWiki
Webull Corporation
TypePublic
IndustryFinancial services
Founded2016; 10 years ago (2016)[1][2]
FoundersWang Anquan[3]
Headquarters
St. Petersburg, Florida, U.S.[4]
Key people
Anthony Denier (President)[5]
ProductsElectronic trading platform
ServicesStockbroker
OwnerWang Anquan[6]
General Atlantic[4]
Coatue Management[4]
Lightspeed Venture Partners[4]
J. Rothschild Capital Management[4]
Gopher Asset Management
Website{{{1}}}

Webull Corporation, often stylized as simply Webull, is a US-based financial services holding company headquartered in St. Petersburg, Florida.[7] It provides an electronic trading platform of the same name.

The platform is accessible via its mobile app and through desktop and offers commission-free and low-cost trading of stocks, exchange traded funds (ETFs), options, margins, fixed income, cryptocurrency and futures.

Webull was founded in 2016 by Wang Anquan and began operations under Hunan Fumi Information Technology, a Chinese holding company.[8][9][10] Wang hired Anthony Denier as CEO of the U.S. Webull brokerage that same year. Hunan Fumi Information Technology received backing from Xiaomi, Shunwei Capital, and other private equity investors in China.[11]

History

Foundation and early history (2016-2019)

Webull was founded in 2016 under Hunan Fumi Information Technology, a chinese holding company, by Wang Anquan, a former employee of Chinese technology companies Alibaba Group and Xiaomi.[9] On May 24, 2017, Webull Financial LLC was established as a Delaware limited liability company.[12][6][13] Wang hired Anthony Denier as CEO of the U.S. brokerage that year and the two mapped out their strategy on napkins at a Mexican restaurant in New York City.[10]

In January 2018, Webull became a licensed securities company in the U.S, licensed with the SEC and FINRA.[14] In September 2019, Webull Corporation was established in the Cayman Islands to serve as the parent company of Hunan Fumi Information Technology, the Webull platform, and all Webull subsidiaries.[15]

2020s (2020-present)

In May 2020, the company received SEC approval to launch a robo-advisor on its platform.[16] By August 2020, the platform had over 11 million registered users, and in October 2020, it had 750,000 daily active users.[17][18] In November 2020, Webull began supporting cryptocurrency transactions.[19] In December 2020, Webull launched in Hong Kong.[20]

On January 27, 2021, primarily due to events related to the GameStop short squeeze, Webull recorded its highest-ever number of active daily users, at 952,000, and the Webull app was downloaded across the Apple App and Google Play stores an estimated 100,000 times.[11] That week, approximately 1.2 million people downloaded the Webull mobile app, which the company reported as a 1,548% week-over-week increase.[21] On January 28, 2021, Webull was directed by its clearing house to temporarily halt buy orders for stocks affected by the GameStop short squeeze.[22][23][11]

In June 2021, Webull began talks of an initial public offering to raise up to $400 million.[24][25] On February 28, 2024, Webull announced that it had signed an agreement to publicly list on the Nasdaq through a special-purpose acquisition company deal with SK Growth Opportunities Corporation (NASDAQ: SKGR).[26][9]

In 2022, Webull Corporation restructured to move Hunan Fumi Information Technology outside of the Webull group.[15] That same year, Webull launched in Singapore,[27] Australia[28] and South Africa.[29]

In June 2023, Webull moved cryptocurrency trading to a separate app called Webull Pay.[30] By the end of 2023, Webull had 4.3 million funded accounts, with $8.2 billion USD worth of customer assets.[9] That year, Webull expanded offerings to Japan,[31] the United Kingdom[32] and Indonesia.[29]

In January 2024, Anthony Denier was promoted to group president of Webull Corporation.[33] In November 2024, Webull launched overnight, or extended-hours, trading, expanding the trading window of U.S. stocks for its users both inside and outside of the United States.[34] By the end of 2024, Webull had launched in Canada,[35] Brazil,[36] Thailand,[37] Malaysia[38] and Mexico.[39]

On April 11, 2025, Webull completed its merger with SK Growth Opportunities Corporation and began publicly trading (NASDAQ: BULL).[40]

Partnerships and sponsorships

In September 2021, BSE Global, the parent company of 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 both teams.[41][42] 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.[43]

In April 2025, Webull announced a 2025 season partnership with the Tampa Bay Rays and the Tampa Bay Rowdies.[40] The partnership includes community initiatives such as hurricane relief fundraisers, financial literacy events with local schools and volunteering.[44]

Controversies

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.[45] Webull has additionally received criticism from U.S. lawmakers and states attorneys general over those ties. 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.[45][46]

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.[47]

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.[45] 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.[48] In December 2024, the United States House Select Committee on Strategic Competition between the United States and the Chinese Communist Party raised concerns over Webull's ownership structure and operation ties to China.[46]

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.[49] In April 2024, the Indiana Attorney General initiated a multi-state inquiry into how Webull handles U.S. customer data, given the company's historical ownership and activity within China. In response, Denier stated that Webull operates each brokerage locally, with customer information in the US strictly stored there, explaining that "there is no one outside the US that has access to any US customer information."[9] In June 2024, the state of Tennessee banned Webull on all government-issued devices.[45]

Userbase

The company has stated it has approximately 20 million users worldwide as of February 2024.[49] Anthony Denier, the company's CEO, claimed that Webull's userbase attracted more advanced and experienced investors than competing platforms, such as Robinhood.[50] As of March 2025, Webull Corporation operated in Hong Kong, Singapore, Australia, South Africa, Japan, the United Kingdom, the United States, Indonesia, Canada, Brazil, Thailand, Malaysia, and Mexico.

References

  1. ↑ "GameStop, AMC Trades to Resume at Chinese Online Brokers". Bloomberg News. January 29, 2021. https://www.bloomberg.com/news/articles/2021-01-29/gamestop-trades-restricted-at-tencent-backed-chinese-broker-futu. 
  2. ↑ Wursthorn, Michael; Choi, Euirim (August 20, 2020). "Does Robinhood Make It Too Easy to Trade? From Free Stocks to Confetti". The Wall Street Journal. https://www.wsj.com/articles/confetti-free-stocks-does-robinhoods-design-make-trading-too-easy-11597915801. 
  3. ↑ Massa, Annie (December 10, 2020). "Webull is winning over traders from US rival". Australian Financial Review. https://www.afr.com/wealth/investing/china-s-robinhood-is-winning-over-traders-from-us-rival-20201210-p56m8b. 
  4. ↑ 4.0 4.1 4.2 4.3 4.4 "Archived copy". https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm. 
  5. ↑ "ON THE MOVE: Firstrade Appoints Don Montanaro; Webull Promotes Anthony Denier". January 16, 2024. https://www.tradersmagazine.com/featured_articles/on-the-move-firstrade-appoints-don-montanaro-webull-promotes-anthony-denier/. 
  6. ↑ 6.0 6.1 Massa, Annie (December 8, 2020). "Robinhood Is Losing Thousands of Traders to a China-Owned Rival". Bloomberg News. https://www.bloomberg.com/news/articles/2020-12-08/robinhood-is-losing-thousands-of-day-traders-to-china-owned-webull. 
  7. ↑ "UNITED STATESSECURITIES AND EXCHANGE COMMISSION Washington, D.C. 20549". https://www.sec.gov/Archives/edgar/data/1866364/000121390024017777/ea0200860-425_webullcorp.htm. 
  8. ↑ Zeldin, Lee (13 July 2023). "Biden's financial regulators give China-backed brokers a hand, but who is surprised?". The Washington Times. https://www.washingtontimes.com/news/2023/jul/13/bidens-financial-regulators-give-china-backed-brok/. 
  9. ↑ 9.0 9.1 9.2 9.3 9.4 "Online brokerage Webull targets young Asian traders ahead of Nasdaq IPO" (in en-US). Yahoo Finance. https://finance.yahoo.com/news/online-brokerage-webull-targets-young-093000558.html. 
  10. ↑ 10.0 10.1 "Robinhood Is Losing Thousands of Day Traders to China-Owned Webull". Dec 8, 2020. https://www.bloomberg.com/news/articles/2020-12-08/robinhood-is-losing-thousands-of-day-traders-to-china-owned-webull?embedded-checkout=true. 
  11. ↑ 11.0 11.1 11.2 McGregor, Grady (February 2, 2021). "The Robinhood revolt was good for Webull, China's little-known trading app" (in en). https://fortune.com/2021/02/02/robinhood-stock-trader-revolt-webull-alternative-china-app/. 
  12. ↑ "Webull Financial LLC". https://icis.corp.delaware.gov/ecorp/entitysearch/NameSearch.aspx. 
  13. ↑ "Form ADV - CRD #: 304881". January 12, 2021. https://sec.report/AdviserInfo/Firms/304881/Form-ADV-304881.pdf. 
  14. ↑ Shicong, Dou (Jul 20, 2018). "Xiaomi Fintech Unit Fumi Technology Closes USD30 Million Round-B Funding" (in en). https://www.yicaiglobal.com/news/xiaomi-fintech-unit-fumi-technology-closes-usd30-million-round-b-funding. 
  15. ↑ 15.0 15.1 "Fumi Technology" (in en-US). 2025-03-11. https://techbehindfintech.com/fintech_directory/fumi-technology. 
  16. ↑ Capelj, Renato (May 6, 2020). "Webull Leverages Crisis To Spur Innovation, Financial Wellness". MarketWatch. https://www.marketwatch.com/story/webull-leverages-crisis-to-spur-innovation-financial-wellness-2020-05-06. 
  17. ↑ Graw, Michael (August 20, 2020). "Commission-free brokerage Webull launches desktop platform". TechRadar. https://www.techradar.com/news/commission-free-brokerage-webull-launches-a-new-desktop-platform. 
  18. ↑ Osipovich, Alexander (October 16, 2020). "Individual-Investing Boom Fuels Trading in Low-Price Stocks". The Wall Street Journal. https://www.wsj.com/articles/individual-investing-boom-fuels-trading-in-low-price-stocks-11602840602. 
  19. ↑ Vigna, Paul (December 16, 2020). "Bitcoin Tops $20,000 for First Time". The Wall Street Journal. https://www.wsj.com/articles/bitcoin-climbs-above-20-000-to-record-11608130696. 
  20. ↑ "Webull has officially launched its trading service in Hong Kong" (in en). https://markets.businessinsider.com/news/stocks/webull-has-officially-launched-its-trading-service-in-hong-kong-1029875737. 
  21. ↑ Vanian, Jonathan (February 2, 2021). "Robinhood, Webull, and Fidelity apps soar amid GameStop controversy". Fortune. https://fortune.com/2021/02/02/robinhood-webull-fidelity-apps-soar-gamestop-amc-reddit/. 
  22. ↑ Perez, Sarah (January 28, 2021). "Robinhood and Reddit top the App Store, as trading apps surge following gamestop mania". TechCrunch. https://techcrunch.com/2021/01/28/robinhood-and-reddit-top-the-app-store-as-trading-apps-surge-following-gamestop-mania/. 
  23. ↑ Crowley, James (January 28, 2021). "Webull follows Robinhood in blocking GameStop, AMC trades after being suggested as alternate trading platform". https://www.newsweek.com/webull-blocks-gamestop-amc-transactions-stock-market-robinhood-1565172. 
  24. ↑ "Online Broker Webull Considers $400 Million U.S. IPO". June 8, 2021. https://www.bloomberg.com/news/articles/2021-06-09/online-broker-webull-is-said-to-consider-400-million-u-s-ipo. 
  25. ↑ Dayal, Nikhil (2021-06-10). "Webull In Talks To File For IPO Later This Year: Report" (in English). https://www.benzinga.com/fintech/21/06/21517405/webull-in-talks-to-file-for-ipo-later-this-year-report. 
  26. ↑ "Online brokerage Webull targets young Asian traders ahead of IPO" (in en). 2024-08-21. https://www.scmp.com/business/markets/article/3275201/online-brokerage-webull-targets-young-asian-traders-ahead-nasdaq-ipo. 
  27. ↑ Coles-Andrew, Graeme (2024-02-01). "Webull expands Singapore brokerage offering with SGX-listed retail products" (in en-GB). https://www.thearmchairtrader.com/webull-expands-singapore-brokerage-offering-with-sgx-listed-retail-products/. 
  28. ↑ Derwin, Jack (2023-09-11). "Robinhood's fiercest US rival has quietly launched in Australia" (in en). https://www.capitalbrief.com/article/robinhoods-fiercest-us-rival-has-quietly-launched-in-australia-5e7b45f7-4acd-49b0-91b4-e5614ed4c463/preview/. 
  29. ↑ 29.0 29.1 Kirui, Jared (2023-10-30). "Webull Dives into Indonesian Market" (in en). https://www.financemagnates.com/forex/webull-dives-into-indonesian-market-as-global-expansion-continues/. 
  30. ↑ Lipschultz, Bailey; Wanna, Carly (February 2, 2024). "Online Brokerage Webull Shed Crypto Exposure Ahead of SPAC Deal". https://www.bloomberg.com/news/articles/2024-02-28/online-brokerage-webull-shed-crypto-exposure-ahead-of-spac-deal. 
  31. ↑ "Webull Launches Operations in Japan". https://www.fazzaco.com/newsdetail/webull-launches-operations-in-japan-273233. 
  32. ↑ Miao, Hannah (July 13, 2023). "Retail Brokerages Public and Webull Launch U.K. Expansions" (in en-US). https://www.wsj.com/livecoverage/stock-market-today-dow-jones-07-13-2023/card/retail-brokerages-public-and-webull-launch-u-k-expansions-OY9iDpTkwc3fDhriVqyZ. 
  33. ↑ Lyudvig, Anna (2024-01-16). "ON THE MOVE: Firstrade Appoints Don Montanaro; Webull Promotes Anthony Denier" (in en-US). https://www.tradersmagazine.com/featured_articles/on-the-move-firstrade-appoints-don-montanaro-webull-promotes-anthony-denier/. 
  34. ↑ Lyudvig, Anna (2024-11-12). "Webull Launches 24/5 Trading" (in en-US). https://www.tradersmagazine.com/departments/brokerage/webull-launches-24-5-trading/. 
  35. ↑ "Webull Canada Launches Pre-Market and Post-Market Trading". November 25, 2024. https://ca.finance.yahoo.com/news/webull-canada-launches-pre-market-140000772.html. 
  36. ↑ Sikder, Tareq (2024-02-06). "Webull Unveils US Stock Market for Brazilian Investors" (in en). https://www.financemagnates.com/forex/webull-unveils-gateway-to-us-stock-market-for-brazilian-investors/. 
  37. ↑ "Tech in Asia - Connecting Asia's startup ecosystem" (in en-US). 3 Nov 2024. https://www.techinasia.com/news/webull-enters-thai-market. 
  38. ↑ Daud, Dafizeck (2024-05-17). "Webull Malaysia Launches Leading Global Trading Platform with Zero Commission for First Six Months" (in en-US). https://sme.asia/webull-malaysia-launches-leading-global-trading-platform-with-zero-commission-for-first-six-months/. 
  39. ↑ Nasli, Adam (August 4, 2023). "Is Webull available in Mexico?" (in en). https://brokerchooser.com/broker-reviews/webull-review/webull-mexico. 
  40. ↑ 40.0 40.1 Hosking, Patrick (2025-04-27). "Webull stake gives boost to RIT Capital Partners, say analysts" (in en). https://www.thetimes.com/business-money/companies/article/webull-stake-gives-boost-to-rit-capital-partners-say-analysts-xgnz7szt7. 
  41. ↑ "Brooklyn Nets and New York Liberty form Global Multi-year Partnership with Webull" (in en). https://www.nba.com/nets/news/2021/09/27/brooklyn-nets-and-new-york-liberty-form-global-multi-year-partnership-webull. 
  42. ↑ Jones, Rory (2021-09-28). "Brooklyn Nets and Webull agree 'US$30m' jersey patch deal" (in en-GB). https://www.sportspro.com/news/brooklyn-nets-nba-webull-new-york-liberty-wnba-jersey-patch-sponsorship/. 
  43. ↑ Young, Jabari (2021-09-27). "Brooklyn Nets land $30 million per year jersey deal with brokerage platform Webull" (in en). https://www.cnbc.com/2021/09/27/brooklyn-nets-land-30-million-per-year-jersey-deal-with-webull-.html. 
  44. ↑ "Webull Corp announces partnership with Tampa Bay Rays, Rowdies - TipRanks.com" (in en). https://www.tipranks.com/news/the-fly/webull-corp-announces-partnership-with-tampa-bay-rays-rowdies. 
  45. ↑ 45.0 45.1 45.2 45.3 Osipovich, Alexander (June 13, 2024). "Webull's China Problem Grows With Tennessee State Ban". The Wall Street Journal. https://www.wsj.com/livecoverage/stock-market-today-dow-sp500-nasdaq-live-06-13-2024/card/webull-s-china-problem-grows-with-tennessee-state-ban-pe9taMNTqQZm8DebGHvs. 
  46. ↑ 46.0 46.1 "US lawmakers raise concerns over Webull's ties to China, demand data on security risks" (in en-US). 2024-12-08. https://theprint.in/world/us-lawmakers-raise-concerns-over-webulls-ties-to-china-demand-data-on-security-risks/2393473/. 
  47. ↑ Mccrank, John (2023-03-09). "Wall Street watchdog fines Webull for options customer approval violations". https://www.reuters.com/business/finance/wall-street-watchdog-fines-webull-options-customer-approval-violations-2023-03-09/. 
  48. ↑ "Tommy Tuberville announces bipartisan bill to block Chinese owned companies from owning crypto-currency exchanges" (in en-US). 2023-06-16. https://altoday.com/archives/52082-tommy-tuberville-announces-bipartisan-bill-to-block-chinese-owned-companies-from-owning-crypto-currency-exchanges. 
  49. ↑ 49.0 49.1 Osipovich, Alexander (April 17, 2024). "Trading App Webull Faces Multistate Probe Over China Ties" (in en-US). The Wall Street Journal. https://www.wsj.com/livecoverage/stock-market-today-earnings-04-17-2024/card/trading-app-webull-faces-multistate-probe-over-china-ties-Fz1MYjvQlyyseedqOmve. 
  50. ↑ Li, Yun (2024-02-28). "Online trading platform Webull is set to go public via a $7.3 billion SPAC deal" (in en). https://www.cnbc.com/2024/02/28/online-trading-platform-webull-is-set-to-go-public-via-a-7point3-billion-spac-deal.html. 
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