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
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