According to SBS Biz, South Korea’s Personal Information Protection Commission has completed on-site inspections of Upbit and Bithumb and is currently reviewing whether either exchange improperly transmitted user personal information during the sharing of order books with overseas platforms, with results expected to be announced in the second half of the year. The core issue centers on whether identifiable user information was transmitted alongside order book data. Under South Korea’s Personal Information Protection Act, the transfer of personal data overseas requires prior user consent, and violations may result in penalties. Upbit currently shares order books with Upbit APAC and Tether markets, while Bithumb has a history of sharing order books with the Australian exchange Stellar. Meanwhile, Bithumb is also engaged in legal proceedings with financial regulators over alleged violations of the Specific Financial Information Act, and a court ruling on the validity of its partial business suspension order is imminent.
South Korea’s Personal Information Protection Commission investigates Upbit and Bithumb over order book data sharing.
TechFlowShare
Summary
South Korea’s Personal Information Protection Commission is investigating Upbit and Bithumb for potential violations related to liquidity and crypto markets, focusing on whether user data was shared with overseas platforms. The investigation examines whether identifiable information was transmitted alongside order book updates, in breach of South Korea’s privacy laws. Upbit shares data with Upbit APAC and Tether Market, while Bithumb previously shared data with Stellar. Bithumb is also facing legal action over Countering the Financing of Terrorism (CFT) regulations, with a court ruling on a partial business suspension expected shortly.
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