The Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission stated that it does not accept the virtual asset operator change report of Pay Protocol, the issuer of the virtual currency payment platform Paycoin, and believes that Pay Protocol does not meet the reporting requirements stipulated in the Specific Financial Information Act. The financial authorities ordered Paycoin to close related services before February 5th.

Paycoin said it will do its best to secure real-name accounts by February 5, the deadline announced by the authorities. If it fails, it will apply a temporary ban.

The price of Paycoin (PCI) plummeted after the news, with a 24.14% decline in 24 hours.