On April 30, the Personal Information Protection Commission of South Korea launched an investigation into the country's two largest virtual asset trading platforms, Upbit and Bithumb. The focus is on whether their practice of sharing order books with overseas trading platforms involves the cross-border transmission of personal information. The investigation has completed written inquiries and on-site inspections and has entered the final judgment phase, with results expected to be announced in the second half of 2026, potentially facing administrative sanctions. Upbit primarily shares its stablecoin market order book with affiliated companies in Southeast Asia, while Bithumb previously engaged in similar sharing with the Australian trading platform Stella. This practice is intended to enhance trading liquidity and activity; however, if identifiable user personal information is included in the sharing process, it may violate South Korea's Personal Information Protection Act, which requires user consent for cross-border transmission.