Prime Trust Placed In Receivership by Nevada's Regulator

CryptoPotato
CryptoPotato

28 Jun 2023 1:15 PM

Prime Trust's issues intensified after a receivership petition filed by the Nevada Financial Institutions Division....

  • Prime Trust, a provider of financial infrastructure for fintech and crypto firms, is facing issues after a receivership petition was filed by the Nevada Financial Institutions Division.
  • The petition claims that Prime Trust has been operating in an "unsafe and unsound manner" and is in an unsafe financial condition or insolvent.
  • Prime Trust was once a leading participant in the digital asset sector, holding funds for companies like FTX and Celsius Network.
  • BitGo, a digital asset trust company, has decided to terminate its acquisition of Prime Trust due to the issues raised.
  • The situation is expected to worsen as customers continue to withdraw from Prime Trust.

The overall sentiment of the article is negative, as it highlights the issues faced by Prime Trust and the termination of its acquisition by BitGo.

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You May Ask

What is the reason behind the receivership petition filed against Prime Trust?What is the role of Prime Trust in the digital asset sector?Why did BitGo decide to terminate its acquisition of Prime Trust?How is the situation expected to worsen for Prime Trust?What are the implications of Prime Trust's issues for the fintech and crypto firms it serves?

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