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CATEGORY: prime trust


Jun 28, 2023 01:20

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.

The post Nevada’s Financial Watchdog Seeks Receivership of Crypto Custodian Prime Trust Amidst Insolvency Concerns appeared first on BTC Ethereum Crypto Currency Blog.

Jun 28, 2023 10:30

Biggest Movers: SHIB, MATIC Fall 5% Lower on Wednesday, Hitting 1-Week Low

Shiba inu was down by as much as 5% on Wednesday, as the meme coin slipped to a one-week low in today’s session. Market uncertainty has heightened in recent days, following the news that Prime Trust has been placed into receivership. Additionally, traders’ nerves increased ahead of Federal Reserve Chair Jerome Powell’s latest speech. Shiba [...]

The post Biggest Movers: SHIB, MATIC Fall 5% Lower on Wednesday, Hitting 1-Week Low appeared first on Crypto Breaking News.

Jun 28, 2023 01:25

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.

Jun 28, 2023 05:50

Nevada FID Files Petition To Take Control Of Troubled Prime Trust

The Nevada Department of Business and Industry’s Financial Institutions Division (FID) has taken action against Prime Trust, LLC. This US-based financial institution specializes in custody and settlement services for digital assets.  The FID has alleged that Prime Trust has violated Nevada regulations and has a shortfall in customer funds, which has deteriorated to a critically [...]

The post Nevada FID Files Petition To Take Control Of Troubled Prime Trust appeared first on Crypto Breaking News.

Jun 23, 2023 01:20

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

The post Crypto Firms Face Turmoil as Prime Trust Fallout Causes Service Disruptions and Concerns appeared first on BTC Ethereum Crypto Currency Blog.

Jun 23, 2023 05:05

Regulatory Orders Says Prime Trust Has 'Shortfall of Customer Funds'

Prime Trust is the latest crypto custody platform to be in trouble, as it received a cease-and-desist order from the Nevada Department of Business and Industry for a "shortfall in customer funds" and not being able to handle customers' withdrawal requests.

Troubled Prime Trust

The regulatory order was published publicly on Thursday, hours after BitGo, another digital asset custody provider, terminated its deal to acquire Prime Trust. Although, a spokesperson from the Nevada regulator confirmed to the media that the order was issued on June 21.

According to the Nevada regulator's Financial Institutions Division (FID), Prime Trust's "overall financial condition ... has considerably deteriorated to a critically deficient level," and thus, the company has been ordered to cease all activities. The regulator further highlighted that the crypto custodian might be on the brink of liquidation.

"On or about June 21, 2023, Respondent was unable to honor customer withdrawals due to a shortfall of customer funds caused by a significant liability on the Respondent's balance sheet owed to customers," the regulatory order stated. "Additionally, Respondent failed to safeguard assets under its custody and is unable to meet all customer withdrawals."

TrueUSD printed a billion stablecoins out of thin air, just a few days before the suspension of Prime Trusts services.In March of 2017, Tether also lost banking access and suspiciously started printing billions of Tethers that could not be redeemed.TrueUSD is now doing the… pic.twitter.com/BZoLn7Z8LV

— Bitfinex’ed ???? ?ass??d?a ?? (@Bitfinexed) June 23, 2023

Halted Deposits

Prime Trust has already halted all deposits of fiat and crypto assets on Thursday, which was confirmed by several companies.

Additionally, the regulatory order highlighted that Prime Trust had more than a negative amount of $12 million in stockholders' equity position at the end of March 2023, which signifies the company is "operating at a substantial deficit."

Based in Nevada, Prime Trust has been in business difficulties for a while now. It quit its service provision in Texas in January after previously withdrawing its application for a Texas Money Transmitter License (MTL), Finance Magnates recently highlighted. Further, Banq, a mobile software solutions provider and a subsidiary of Prime Trust, filed for bankruptcy last week in a US court in Nevada, declaring $17.72 million in assets and $5.4 million in liabilities.

This article was written by Arnab Shome at www.financemagnates.com.

Jun 23, 2023 12:25

Crypto Custody Provider BitGo Ditches Plan to Acquire Rival Prime Trust

Digital asset custodian BitGo has shelved its planned acquisition of rival Prime Trust despite preliminary agreement reached earlier in the month. The initial takeover agreement came amid speculation that Prime Trust was facing bankruptcy.

BitGo Shuns Prime Trust Takeover

“After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust,” the California-based firm said in a Twitter post published today (Thursday). “This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.”

After considerable effort and work to find a path forward with Prime Trust, BitGo has made the hard decision to terminate its acquisition of Prime Trust. This decision was not made lightly and BitGo remains committed to our mission to deliver trust in digital assets.

— BitGo (@BitGo) June 22, 2023

The speculation about Prime Trust’s health was fueled by recent developments at the Nevada-based firm. In January, the firm quit service provision in Texas after previously withdrawing its Texas Money Transmitter License (MTL) application. In the same month, the crypto custodian shredded one-third of its workforce, mostly staff members in the communications and compliance departments, according to CoinDesk.

Last week, Banq, a mobile software solutions provider and subsidiary of Prime Trust, filed for bankruptcy in a US court in Nevada, declaring $17.72 million in assets and $5.4 million in liabilities. Prime Trust itself was initially primed for a $1.2 billion acquisition by Galaxy Digital by late 2021. However, the deal fell apart in August last year, with Prime Trust’s claim of $100 million in damages later dismissed by a court in Delaware.

Prime Trust Stops Deposit

Meanwhile, Prime Trust has ceased all deposits of fiat and crypto assets for custody, according to Stably, which is a company that provides stablecoins and fiat-to-crypto on-ramps. The move is in line with an order by the Nevada Financial Institution Division.

Cryptocurrency exchange Coinmetro also made a similar move, saying it “is currently unable to process new USD transactions."

?? Important announcement: unexpected disruption in USD transactions. We regret to inform you that our partner for USD payments PrimeTrust has temporarily suspended USD deposits and withdrawals. This means that Coinmetro is currently unable to process new USD transactions.While…

— Coinmetro (@CoinMetro) June 22, 2023

New exchange on TradingView; HKEX in New York; read today's news nuggets.

This article was written by Solomon Oladipupo at www.financemagnates.com.

Jun 22, 2023 10:30

Uncertainty Returns After BitGo Cancels Prime Trust Acquisition

BitGo’s plans to acquire Prime Trust, a prominent custody firm, have taken an unexpected turn as BitGo recently announced on Twitter the cancellation of the acquisition. The initial announcement had generated excitement within the industry, as the consolidation of these two major custodians was expected to have a significant impact on the industry landscape. In [...]

The post Uncertainty Returns After BitGo Cancels Prime Trust Acquisition appeared first on Crypto Breaking News.

Jun 22, 2023 10:30

Bitgo Abandons Acquisition of Prime Trust Amidst Nevada-Based Custodian’s Ongoing Uncertainty

On June 22, 2023, Bitgo, a digital assets firm and crypto custodian, declared the termination of its planned acquisition of custodian Prime Trust. The company cited a “considerable effort” in attempting to chart a course for Prime Trust’s future. Bitgo Cancels Prime Trust Acquisition A fortnight prior, Bitgo announced its intention to acquire Nevada-based crypto [...]

The post Bitgo Abandons Acquisition of Prime Trust Amidst Nevada-Based Custodian’s Ongoing Uncertainty appeared first on Crypto Breaking News.

BitGo backs out of deal to acquire Prime Trust

Author: Oluwapelumi Adejumo
United States
Jun 22, 2023 05:50

BitGo backs out of deal to acquire Prime Trust

Cryptocurrency custodial company BitGo said it “has made the hard decision to terminate its acquisition” of rival firm custody Prime Trust, according to a June 22 tweet. BitGo stated it made considerable effort and worked to find a path forward with Prime Trust. It added: “This decision was not made lightly and BitGo remains committed […]

The post BitGo backs out of deal to acquire Prime Trust appeared first on CryptoSlate.

Jun 23, 2023 05:50

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 [...]

The post Prime Trust’s financials ‘considerably deteriorated,’ says Nevada regulator appeared first on Crypto Breaking News.

Jun 23, 2022 11:55

Prime Trust Pulls $100m in Series B to Float New Products


Cryptocurrency infrastructure service provider, Prime Trust LLC, has raised $107 million in Series B funding as it seeks to deepen ties with its clients with its proposed new products. (Read More)

Apr 13, 2022 10:35

Prime Trust Hires Former Secret Service Veteran as VP of Regulatory Affairs


The two-decade government service veteran, Jeremy Sheridan will be responsible for overseeing Prime Trust's regulatory strategies. (Read More)

Feb 07, 2025 02:30

Coinbases Powerful Stand in Prime Trust Bankruptcy: Protecting Customer Assets

Key Takeaways: Coinbase, led by Chief Legal Officer Paul Grewal, has filed an amicus brief in the ongoing Prime Trust bankruptcy case. The company seeks to reinforce the critical principle of UCC Article 8: customer assets held by custodians should remain the customers’ property, not that of the custodian, even in bankruptcy proceedings. This intervention […]

Jun 14, 2023 02:15

TrueUSD (TUSD) Strives to Resume Minting with Prime Trust


In recent updates, the TrueUSD (TUSD) team has announced that they are actively engaged in efforts to resume TUSD minting on Prime Trust. This announcement was made following an unexpected pause in TUSD minting via Prime Trust, an event that took place on June 10. (Read More)

Jun 15, 2023 05:50

Custodian Prime Trust’s Payments Subsidiary Banq Files for Chapter 11 Bankruptcy Protection

Shortly after the custodian Bitgo announced its acquisition of the company Prime Trust, its payments subsidiary, a firm called Banq, filed for Chapter 11 bankruptcy protection in the United States. According to court documents, the filing reveals that Banq listed approximately $17.725 million in assets and around $5.4 billion in liabilities. Banq’s Bankruptcy Filing Exposes [...]

The post Custodian Prime Trust’s Payments Subsidiary Banq Files for Chapter 11 Bankruptcy Protection appeared first on Crypto Breaking News.

TUSD regains $1 parity after three-day depeg

Author: Oluwapelumi Adejumo
United States
Jun 13, 2023 05:50

TUSD regains $1 parity after three-day depeg

TrueUSD (TUSD) has regained parity with the U.S. dollar. The stablecoin lost true parity with the US Dollar on June 10 amid mounting community concerns over its minting and redemption activities. On June 10, TUSD depegged from the $1 mark after its team paused minting activities via Prime Trust, a Nevada-based crypto custodial firm. Following […]

The post TUSD regains $1 parity after three-day depeg appeared first on CryptoSlate.

Aug 12, 2023 12:25

Troubled Crypto Custodian Prime Trust Might Cut 75% of Jobs: Report

Prime Trust, the beleaguered cryptocurrency custodian, might be on the brink of significant job cuts, CoinDesk revealed today (Friday), quoting ex-employees. Anonymous sources suggest that up to 75% of positions might be at risk, based on insider information.

Layoffs on the Horizon?

The news of the possible massive downsizing comes as the crypto custodian was recently placed in receivership on the order of the Eighth District Court of Nevada. The action trailed the filing by the Nevada Financial Institutions Division (NFID) to freeze the custodian’s assets and take over the business.

Earlier, the state regulator issued a cease-and-desist order against Prime Trust, alleging that the company had a “shortfall in customer funds” and was using its customers’ funds to meet withdrawal requests. Furthermore, NFID, which is a division of the Nevada Department of Business and Industry, claimed that Prime Trust was in an “unsafe or unsound” condition to carry out business as its overall financial condition had worsened to a “critically deficient level.”

Specifically, the state regulator claimed that the custodian owned clients about $85 million in fiat currency and $69.5 million in crypto while holding about $3 million in fiat currency and $68.6 million in crypto. Additionally, NFID said the firm’s stockholders' equity position stood at a negative $12 million as of March 2023, indicating that the company was “operating a substantial deficit.”

In its filing, Nevada’s financial supervisory authority noted that the shortfall in funds was related to the custodian’s inability to access certain “legacy wallets”. However, Fireblocks, with whom Prime Trust completed a crypto asset management agreement in 2020, told CoinDesk that the digital asset custodian solely controlled the legacy wallets, and no funds under Fireblocks' care were unaccounted for.

In June, rival crypto custodian, BitGo, jettisoned its plan to acquire Prime Trust. The decision came amidst speculation about Prime Trust’s financial health, Finance Magnates reported.

In January, the firm halted its operations in Texas after previously withdrawing its application for a Texas Money Transmitter License (MTL). In the same month, the company significantly reduced its headcount, freeing up one-third of job positions.

Similarly, Banq, a Prime Trust subsidiary that provided mobile software solutions, filed for bankruptcy in Nevada, declaring $17.72 million in assets and $5.4 million in liabilities.

This article was written by Solomon Oladipupo at www.financemagnates.com.

Jul 05, 2023 10:35

TrueUSD's TUSD Circulating Supply Surpasses $3 Billion Despite Prime Trust's Challenges


In June 2023, TrueUSD (TUSD) experienced significant growth and adoption across multiple blockchain ecosystems. With the circulating supply reaching 3,059,838,623 TUSD, backed by dollar reserves of over $3 billion, the stablecoin is gaining more recognition in the crypto markets. (Read More)

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