South Korean regulators ordered Paycoin to shut down its service by February 5

BlockBeats news: On January 6th, according to News1, the Financial Intelligence Unit of the Financial Services Commission of South Korea held a report review meeting and said that it would not accept the virtual asset operator change report of Pay Protocol, the issuer of virtual currency payment platform Paycoin. Held that the Pay Protocol did not meet the reporting requirements set forth in particular financial information laws. The financial authorities ordered Paycoin to shut down the relevant services by February 5. Paycoin's stance is that it will do its best to secure real-name accounts before the deadline, and if it fails, it will resolutely apply to the authorities for a temporary injunction. Paycoin started out as a virtual asset wallet and storage company, then filed a report with the FIU asking it to change into a virtual asset trading business. The FIU had given Pay Protocol until December 30, 2022 to meet the requirements for real-name deposit and withdrawal accounts, but it failed to do so.