Prime Trust Placed In Receivership by Nevada's Regulator
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.