5 major exchanges in South Korea are delisting Paycoin.
Paycoin, which has gone through court proceedings, was delisted by the exchange association in South Korea. Although the company behind Paycoin filed a letter against this decision, the court did not accept it.
Paycoin Delisted by 5 Exchanges in South Korea
The cryptocurrency named Paycoin has been delisted from three major virtual asset trading platforms in South Korea. For this cryptocurrency published by PayProtocol, it was decided to be removed from the list by an association of five major crypto exchanges called DAXA.
PayProtocol filed an injunction petition against this decision, but the court rejected this petition. DAXA delisted Paycoin for claiming that PayProtocol failed to come up with a plan for overseas services to compensate for losses incurred after its service was suspended in Korea.
Paycoin offered a payment service where users could purchase digital currencies by paying cash when purchasing goods or services from local stores. But it ran into a setback when the Financial Services Commission suspended its operations due to possible money laundering and other concerns. PayProtocol has previously been criticized for failing to comply with the local financial watchdog’s order to enforce real-name accounts.
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