Court Dismisses Injunction Request Against Bithumb's 'Paycoin' Delisting Decision

by Heo Kyungjun

Published 14 Apr.2023 17:23(KST)

Court: "Insufficient Evidence to Suspend Termination of Transaction Support"

The court ruled that it cannot delay the decision to delist 'Paycoin' (PCI) from the cryptocurrency exchange Bithumb.

Court Dismisses Injunction Request Against Bithumb's 'Paycoin' Delisting Decision

The Seoul Central District Court Civil Division 50 (Presiding Judge Park Beom-seok) dismissed the provisional injunction request filed by the virtual asset operator Pay Protocol AG against Bithumb, which sought to suspend the effect of the decision to terminate trading support (delisting).

The court stated, "It is difficult to find that the right to be preserved is sufficiently demonstrated to urgently suspend the effect of the decision to terminate trading support before the main case."

Furthermore, it said, "It has not been sufficiently demonstrated that Pay Protocol AG's overseas service performance or growth potential offsets the impact of the suspension of domestic services to the extent that Paycoin's value or stability is maintained."

The Digital Asset Exchange Joint Council (DAXA), composed of the five major domestic cryptocurrency exchanges?Bithumb, Upbit, Korbit, Coinone, and Gopax?decided to delist Paycoin on the 31st of last month. In response, Pay Protocol AG filed the provisional injunction on the 8th of this month.