Paycoin, the crypto coin issued by PayProtocol, has been delisted from crypto exchanges in South Korea. PayProtocol is a subsidiary of Danal payment service in the country, and it has released this payments-focused cryptocurrency Paycoin (PCI), which is set to be delisted on April 14.

According to The Korea Herald, an alliance of the local crypto exchange decided to pull out the Paycoin tokens next week. The groups that will delist the token are members of the Digital Asset Exchange Alliance (DAXA). It has five members, and three of them has Paycoin listed in their platform, and these are Upbit, Bithumb, and Coinone.

It was mentioned that Paycoin has been expanding its business by allowing purchases using its token at more than 150,000 merchants in Korea. However, earlier this year, the business hit a roadblock when the Korea Financial Intelligence Unit operating under the Financial Services Commission (FSC), suspended its operations over concerns related to possible money laundering.

The agency also pointed to other negative events that may arise in the process of converting digital coins into cash. It was reported that the KFIU’s decision to suspend was the result of Paycoin’s failure to implement the real-name accounts by cooperating with commercial banks as the country’s financial regulators had ordered last year.

“After reviewing Paycoin’s sudden changes and its road map for overseas payment businesses, we say that there are investment risks," the three DAXA members stated with regard to Paycoin’s delisting.

"Paycoin has not successfully addressed the concerns that led to its classification as a 'virtual asset of concern,'" The Korea Times further quoted DAXA as saying. "After careful examination, we have concluded that there is a risk of further harm to investors at this time, given the rapid changes in the business and the past and future performance and direction of the overseas payment business."

Paycoin issued a statement to express its regret over the delisting decision of the DAXA. It said that this was an unfair move, and the company is trying to challenge the decision.

"We regret that the decision to delist has been made even though we provided detailed explanations about our overseas payment business road map and changes that will be made to our domestic payment business model,” the issuer of the Paycoin crypto said.

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