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 deficient level.
As a result, the FID has filed a petition to place Prime Trust into receivership. This means that a court-appointed receiver will take control of the company’s assets and operations to protect the interests of creditors and other stakeholders.
Prime Trust Accused Of Using Customer Assets To Buy Back Crypto
The allegations against Prime Trust are significant, with the FID claiming that the firm lost access to legacy wallets in 2021 and used customer assets to buy back crypto.
Prime Trust reportedly owes its customers $85,670,000 in fiat currency but only has $2,904,000, while it owes $69,5
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