South Korean regulatory authorities do not accept Paycoin's virtual asset operator change report, ordering the latter to shut down the service before February 5

According to News1, the Financial Intelligence Unit (FIU) of the South Korean Financial Services Commission held a report review meeting and 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 requirements of the Specific Financial Information Act. Reporting requirements. The financial authorities ordered Paycoin to close related services before February 5th. Paycoin's position is that it will do its best to ensure real-name accounts before the deadline of February 5th. If it fails, it will decisively apply to the authorities for a temporary ban. Paycoin started out as a virtual asset wallet and storage company before submitting a report to the FIU requesting a change to a virtual asset trading business. The FIU had asked Pay Protocol to meet the bank's real-name deposit and withdrawal account requirements by December 30, 2022, but Pay Protocol failed to meet this requirement.