South Korean Regulators Launch Investigation into Upbit and Bithumb Order Book Cross-Border Data Sharing Concerns

BlockBeats News, April 30, the Personal Information Protection Commission of South Korea is investigating the country's two largest cryptocurrency exchanges, Upbit and Bithumb, focusing on whether their sharing of order book data with overseas exchanges involves the cross-border transfer of personal information. The investigation has completed written inquiries and on-site inspections, and is now in the final stage of evaluation. The results are expected to be announced in the second half of 2026, with possible administrative sanctions.

Upbit primarily shares the order book of the stablecoin market with its Southeast Asia affiliate, while Bithumb had previously engaged in similar sharing with the Australian exchange Stella. This practice aims to enhance trading liquidity and activity. However, if the shared data contains identifiable personal information, it may violate South Korea's Personal Information Protection Act, which requires user consent for cross-border transfers.