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Upbit, Bithumb, and Coinone Remove Paycoin from Crypto Exchanges

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On March 31, Upbit, Bithumb, Coinone, and other South Korean crypto exchanges announced on their official website that they would remove Paycoin (PCI) from the market at 15:00 loca

Upbit, Bithumb, and Coinone Remove Paycoin from Crypto Exchanges

On March 31, Upbit, Bithumb, Coinone, and other South Korean crypto exchanges announced on their official website that they would remove Paycoin (PCI) from the market at 15:00 local time (14:00 Beijing time) on April 14. Upbit stated, “Until the expiration date of the investment warning period, Paycoin failed to address the reasons indicated in the investment warning, such as the failure to issue a real-name deposit and withdrawal account name and the failure to complete a virtual asset operator change report. Therefore, the domestic payment business using PCI was judged to have been substantially suspended. From the perspective of performance and direction, investors investing in this project would pose significant risks, so we decided to terminate transaction support.”

Upbit, Bithumb, Coinone and other Korean crypto exchanges will be removed from Paycoin (PCI)

**Introduction**
On March 31, Upbit, Bithumb, and Coinone, some of the most popular crypto exchanges in South Korea, made a joint announcement on their official websites that they would be removing Paycoin (PCI) from the market on April 14. The sudden delisting of the cryptocurrency came as a surprise to many investors, and the exchanges credited the move to several regulatory violations and a lack of compliance on the part of the Paycoin team. In this article, we will explore the reasons for the delisting, the impact it will have on the market, and what it could mean for the future of crypto trading in South Korea.

The Reasons for Delisting Paycoin

According to Upbit, Paycoin’s domestic payment business was substantially suspended due to a lack of compliance with regulatory requirements in South Korea. In the investment warning period, Paycoin did not address the issues that were highlighted by the authorities, including the failure to issue a real-name deposit and withdrawal account name and the failure to complete a virtual asset operator change report. These regulatory violations posed significant risks for investors, and as a result, the exchanges decided to terminate transaction support.

The Impact of the Delisting

The sudden delisting of Paycoin from Upbit, Bithumb, and Coinone is likely to create ripples in the cryptocurrency market in South Korea. Many investors who had previously invested in Paycoin will be left with no option but to move their funds to other cryptocurrencies or withdraw them from the exchanges altogether. The delisting is also likely to have a negative impact on the price of Paycoin, which has already dropped significantly in recent weeks.

The Future of Crypto Trading in South Korea

The delisting of Paycoin is not the first time that South Korean authorities have cracked down on crypto exchanges in the country. In recent years, the government has been tightening regulations on cryptocurrencies, and the delisting of Paycoin is an indication that they will continue to do so. This crackdown has led to a decline in trading volume in South Korea, which was once one of the largest crypto markets in the world. It remains to be seen what the long-term impact of these regulations will be on the crypto market and whether investors will continue to participate in crypto trading in the country.

Conclusion

The delisting of Paycoin from Upbit, Bithumb, and Coinone was a significant move that has left many investors in South Korea reeling. The regulatory violations and lack of compliance by the Paycoin team were significant reasons behind the delisting, and the move could have far-reaching implications for the future of crypto trading in the country. Investors should be cautious and do their due diligence before investing in any cryptocurrency, to avoid being caught up in similar situations in the future.

FAQs

1. What is Paycoin, and why was it delisted?
Paycoin is a cryptocurrency that was recently delisted from several South Korean crypto exchanges due to several regulatory violations, including the failure to comply with real-name deposit and withdrawal account names and a lack of compliance with virtual asset operator change reporting requirements.
2. What impact will the delisting of Paycoin have on the market?
The sudden delisting of Paycoin is likely to create ripples in the cryptocurrency market in South Korea, as many investors who had previously invested in Paycoin will be left with no option but to move their funds to other cryptocurrencies or withdraw them from the exchanges altogether.
3. What does the future hold for crypto trading in South Korea?
The delisting of Paycoin is an indication that South Korean authorities will continue to crack down on crypto exchanges and tighten regulations on cryptocurrencies. It remains to be seen how this will impact the crypto market in the long term and whether investors will continue to participate in crypto trading in the country.

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