Bithumb, Upbit, and Coinone have delisted Paycoin, the cryptocurrency issued by PayProtocol after a Seoul court rejected the issuer's petition for a preliminary injunction against the removal.

PayProtocol filed the petition on April 8, after the Digital Asset Exchange Alliance (DAXA), consisting of five major crypto exchanges, announced on March 31 that it would stop trading Paycoin on Bithumb, Upbit, and Coinone from April 14.

The court upheld DAXA's reason for the delisting, which was PayProtocol’s failure to put forward a plan overseas to offset the losses incurred after being suspended from running its service in Korea.

Paycoin, which is being used by over 150,000 merchants, encountered a setback on Jan. 6 when the Korea Financial Intelligence Unit suspended its operations due to concerns about possible money laundering and other issues that could arise while converting its digital coins into cash.

PayProtocol also failed to comply with the Finacial Services Commission's order to enforce real-name accounts by working with commercial banks before the end of last year.

Upbit and Bithumb will allow clients to withdraw Paycoin until May 14 and 15, respectively. While Coinone investors have to withdraw their coins by April 28.

Following the ruling, PayProtocol announced that it plans to mitigate any inconvenience to investors by listing the coin on foreign cryptocurrency exchanges.