Paycoin Seeks Reapproval After S.Korea Suspends the Payments Token: Report

PayProtocol, the South Korean issuer of payments-focused cryptocurrency Paycoin (PCI), will reapply for a local license to stay in business after the financial authority ordered the suspension of its business, the company announced on Monday, according to local media reports. On Jan. 6, 2023, South Korea’s Financial Intelligence Unit (FIU) rejected Danal-backed PayProtcol’s application to register as a provider of crypto trading services, as the project did not have a banking partner as mandated by local laws. (forkast)

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