Daksah-affiliated Exchange Decides to Delist Paycoin... Price Plummets 50%

Domestic virtual asset payment service Paycoin has been delisted by exchanges including Upbit. Following the delisting news, Paycoin's price plummeted by nearly 50%.

On the 31st, Upbit announced through a notice that the support for Paycoin trading has been terminated.

This decision follows the resolution of the Digital Asset Exchange Joint Council (DAXA), composed of the five major domestic virtual asset exchanges (Gopax, Bithumb, Upbit, Korbit, Coinone). This decision also applies to other exchanges participating in DAXA. Among the DAXA member exchanges, Upbit, Bithumb, and Coinone had listed Paycoin, and all have posted delisting notices.

According to the notice, Paycoin trading support will end on the 14th of next month at the three exchanges. Upbit and Bithumb will apply the termination from 3 PM, and Coinone from 4 PM. Once trading support ends, all orders (buy and sell) requested before the termination will be canceled.

However, even after trading support ends, withdrawals will be supported for a certain period. Upbit will support withdrawals until May 14, Bithumb until May 15, and Coinone until April 28.

Earlier, in January, DAXA designated Paycoin as a cautionary item after Paycoin failed to obtain a real-name verified deposit and withdrawal account and received a notification of non-acceptance of virtual asset business operator change from the Financial Intelligence Unit (FIU) under the Financial Services Commission.

DAXA stated the reason for terminating trading support as, "Paycoin has not resolved the reasons for the cautionary designation, such as failing to complete the registration," and "Accordingly, domestic payment services using Paycoin are considered to be effectively suspended."

They added, "Although the foundation's explanation was carefully reviewed, considering the rapid business changes and the performance and direction of overseas payment services to date, it was judged that additional investor damage could occur."

Meanwhile, according to the global virtual asset market tracking site CoinMarketCap, as of 5:01 PM on the same day, Paycoin was trading at $0.1214 (approximately 158 KRW), a sharp drop of 49.97% compared to the previous day.