The South Korean Personal Information Protection Commission is investigating Upbit and Bithumb for potentially transferring personal data across borders while sharing order books with overseas exchanges. The investigation, which has completed both written and on-site inspections, is now in its final stages of determining legality and potential sanctions. If user identification information was shared, it could constitute a breach of South Korea's Personal Information Protection Act, which mandates user consent for data transfers abroad. Currently, Upbit shares its USDT market order book with Upbit APAC in Southeast Asia, while Bithumb previously shared its order book with Australia's Steller. The outcome of this investigation could significantly impact the South Korean exchange industry.