South Korean authorities have launched an investigation into whether cross-border sharing of Upbit and Bithumb order books transfers personal information

On April 30, South Korea's Personal Information Protection Commission was conducting an investigation into Upbit and Bithumb, the two largest virtual asset trading platforms in the country, focusing on whether their sharing of order books with overseas trading platforms involved cross-border transmission of personal information. At present, the investigation has completed written inquiries and on-site inspections, and has entered the final judgment stage. The results are expected to be announced in the second half of 2026 and may face administrative sanctions. Upbit mainly shares the order book in the stablecoin market with Southeast Asian affiliates, while Bithumb has previously shared similar orders with Australia trading platform Stella. This behavior is used to improve transaction liquidity and activity, but if the sharing process contains identifiable user personal information, it may violate South Korea's Personal Information Protection Law requiring user consent for cross-border transmission.