The Nevada Financial Institutions Division has petitioned for an appointment of receivership over crypto custodian Prime Trust with the Eight Judicial District Court of Nevada.
Connect/Create WalletNo wallet? No problem. You can set one up for free. We recommend Torus for first-time users.The Nevada Financial Institutions Division has petitioned for an appointment of receivership over crypto custodian Prime Trust with the Eight Judicial District Court of Nevada, the regulator said Tuesday in a statement.
"This action resulted from the Division’s determination that Prime is operating in an unsafe and unsound manner and is insolvent as specified in the Cease-and-Desist Order issued on June 21, 2023," the regulator said. The petition seeks a receiver to take over the day-to-day operations of the company and"thoroughly examine all its finances to determine the best option to protect Prime’s clients, either by rehabilitating and returning the company to private management or by liquidating the company."that the company could not meet all customer withdrawals.
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