CryptoNews: Crypto custody firm Prime Trust has been ordered by Nevada's Department of Business and Industry to cease all activities that violate state regulations.
Crypto custody firm Prime Trust has beenby Nevada's Department of Business and Industry to cease all activities that violate state regulations, citing the company's "overall financial condition...has considerably deteriorated to a critically deficient level."
The regulator alleges that Prime Trust is "operating at a substantial deficit" or may even be insolvent and breached its fiduciary duties. The company reported more than negative $12m in stockholders' equity position at the end of March 2023.its proposed acquisition of Prime Trust, the order was posted on the regulator's website.
The cease-and-desist order will be declared final if Prime Trust does not request a hearing within 30 days after the order. The regulator issued the cease-and-desist on June 21, blocking Prime Trust "from accepting fiat and cryptocurrency from existing and new clients for custody purposes."Related Articles
Indonesia Berita Terbaru, Indonesia Berita utama
Similar News:Anda juga dapat membaca berita serupa dengan ini yang kami kumpulkan dari sumber berita lain.
Prime Trust halted deposits, withdrawals after order from Nevada regulatorPrime Trust temporarily halted deposits and withdrawals of both fiat and crypto after receiving an order from the Nevada Financial Institution Division, according to fiat onramp service Stably.
Baca lebih lajut »
Bitgo Abandons Acquisition of Prime Trust Amidst Nevada-Based Custodian's Ongoing Uncertainty – Bitcoin NewsThe crypto company Bitgo cited a 'considerable effort' in attempting to chart a course for Prime Trust’s future.
Baca lebih lajut »
Prime Trust Has 'Shortfall of Customer Funds,' Nevada Regulator SaysNevada regulator says PrimeTrustCo has 'a shortfall in customer funds' and was unable to meet customer withdrawals as recently as this week. nikhileshde reports
Baca lebih lajut »
Prime Trust's financials 'considerably deteriorated,' says Nevada regulatorThe NevadaDBI has issued a cease and desist order to PrimeTrustCo claiming the crypto custodian's financial condition is 'critically deficient.'
Baca lebih lajut »