Popular cryptocurrency exchanges, in their new statements, gave the delist news for an altcoin project. In a recent announcement by South Korea’s Digital Asset Exchange Alliance (DAXA), members of the joint advisory body announced the end of support for Paycoin (PCI) transactions. Group; It includes major South Korean-based crypto-asset exchanges such as Upbit, Bithumb, Coinone, Korbit, and Gopax. Here are the details…
South Korean exchanges delist this altcoin project
On March 31, South Korean cryptocurrency trading platforms Upbit, Bithumb, Coinone, Korbit and Gopax; announced that it will delist Paycoin (PCI) as it fails to meet regulatory requirements. The delisting will take effect at 15:00 local time in South Korea on April 14. The news created shock waves in the cryptocurrency market as the PCI price dropped by 60 percent just one hour after the announcement. At the time of this writing, PCI is changing hands at $0.12, down 50 percent in the last 24 hours. The coin fell from $0.29 to $0.11 on a daily basis.
This announcement comes after the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission held a report review meeting on January 6. During the meeting, the FIU rejected Pay Protocol’s change report for the crypto-asset operator. It determined that payments platform Paycoin did not meet the reporting requirements set forth in the Special Financial Information Act.
The project did not meet the expectations of South Korean regulators
Paycoin was initially a crypto-asset wallet and storage company, but later sent a report to the FIU requesting a move to a crypto-asset transaction operating operator. Financial authorities then instructed Paycoin to shut down related services before February 5. Paycoin tried to provide real names for their accounts before the deadline, but failed to meet the requirement. If he fails, he will resolutely apply to the authorities for a temporary ban.
cryptocoin.com Developed on Hyperledger Fabric (HLF), Paycoin is a cryptocurrency payment platform that aims to provide a simple and convenient payment solution for both e-commerce and individual use. The project is supported by Danal, a payment company based in South Korea. Unlike public Blockchains where anyone can participate in data processing, HLF is a private Blockchain where only authorized nodes can participate in the network. This provides fast transaction speeds and excellent privacy, making it ideal for payment services.
DAXA’s decision to end PCI support is a major blow to the Paycoin project and its backers. It’s unclear at this time what led to the decision, but a number of factors are likely to be noted, including concerns about regulatory compliance, security, and market demand. This highlights the increasing scrutiny and regulation of cryptocurrency trading platforms in South Korea. As one of the world’s largest cryptocurrency markets, the country has seen a surge in interest and investment in recent years. But regulators have also taken a stricter approach to the industry, citing concerns about money laundering and other illegal activities.
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