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Webull to Pay $4.2 Million Finra Fine Over Compliance Issues

Bloomberg Markets Thursday 05 November 2026, 17:16 UTC By Nicola M White 1 min read
Key Points

Webull to Pay $4.2 Million Finra Fine Over Compliance Issues Online retail brokerage Webull Financial LLC will pay a $4.2 million fine for allegedly failing to implement anti-money laundering controls and guard against customer identity theft as its platform rapidly grew, the Financial Industry Regulatory Authority said Thursday. Webull opened millions of new accounts between January 2020 and September 2023 but its compliance programs, including vetting customer backgrounds, didn’t keep...

Webull to Pay $4.2 Million Finra Fine Over Compliance Issues Online retail brokerage Webull Financial LLC will pay a $4.2 million fine for allegedly failing to implement anti-money laundering controls and guard against customer identity theft as its platform rapidly grew, the Financial Industry Regulatory Authority said Thursday. Webull opened millions of new accounts between January 2020 and September 2023 but its compliance programs, including vetting customer backgrounds, didn’t keep pace, the regulator said. The company agreed to settle the case without admitting wrongdoing.
Webull Financial LLC (ORG) the Financial Industry Regulatory Authority (ORG)
Originally published by Bloomberg Markets Read original →

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