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)

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.