Bitcoin Firm Coinbits Suspends Operations Amidst Custodian Prime Trust’s Financial Woes

The cryptocurrency firm and bitcoin investment app, Coinbits, has announced the suspension of its services due to complications involving the Nevada-based custodian, Prime Trust. Following accusations of insolvency and breaches of fiduciary responsibilities, Nevada’s financial regulators mandated the closure of Prime Trust. Despite these challenges, Coinbits maintains confidence that the custodian “still has enough bitcoin [...]

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Nevada’s Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns

In a recent submission to the Eighth Judicial District Court in Las Vegas, the Nevada Financial Institutions Division has expressed its intention to take decisive action against the crypto custodian Prime Trust. The regulatory body seeks to not only shut down Prime Trust but also swiftly seize its property, assets, books, papers, documents, and records.

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Nevada financial regulator petitions court to place Prime Trust into receivership

The filing suggested Prime Trust had financial liabilities to its users totaling more than $82 million in fiat and $800,000 in crypto.

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Nevada FID Files Court Petition To Place Prime Trust In Receivership Over Financial Woes

Nevada's Financial Institutions Division cited concerns over unsafe operations and insolvency as it took against Prime Trust.

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Crypto Firms Face Turmoil as Prime Trust Fallout Causes Service Disruptions and Concerns

After the Bitgo acquisition deal to purchase Prime Trust fell through, it seems that crypto firms that have worked with the custodian are experiencing problems. On Thursday, Seattle-based fintech startup Stably announced the need to “temporarily pause” certain services and operations. According to reports, the bitcoin payments platform, Strike, is also encountering difficulties and has

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Prime Trust’s financials ‘considerably deteriorated,’ says Nevada regulator

Prime Trust’s financial condition is “critically deficient” and the crypto custodian is unable to honor customer withdrawals according to a cease and desist from Nevada’s business regulator. In a June 21 order, the Nevada, Department of Business and Industry claimed Prime Trust’s financial condition “considerably deteriorated” and the firm is now in an “unsafe or [...]

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Top 10 U.S. States That Are Most Interested in Cryptocurrency

The United States ranks first among the world's most powerful countries, implying that the acceptance of cryptocurrencies in the country will not only benefit the citizens but will also stimulate global adoption.

Continue reading Top 10 U.S. States That Are Most Interested in Cryptocurrency at DailyCoin.com.

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Nevada court approves regulator’s petition to place Prime Trust into receivership, pending hearing

Prime Trust will have the opportunity to show why a petition from the Nevada Financial Institutions Division should not be permanently granted in an Aug. 22 hearing.

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Marathon shareholders file lawsuit against company’s top management

United States-based crypto mining company Marathon Digital is heading to court after its shareholders alleged that its CEO Fred Thiel, alongside other top executives, breached fiduciary duties, unjustly enriched themselves and wasted corporate assets. A shareholder complaint against Fred Thiel and nine other Marathon executives was filed in the United States District Court for the [...]

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Breaking NEWS: Elon Musks X Secures Money Transmitter License DOGE Price To Explode?

As the X explores the addition of payment features, will DOGE Price explode? Let's take a look at this in more detail.

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