Nevada Regulator Demands Prime Trust to be Put under Receivership

By Lola Coin Jun 27, 202359Views

The Nevada Financial Institutions Division has filed a petition for receivership for cryptocurrency custodian Prime Trust due to concerns over its operational instability and insolvency. The regulator believes that Prime Trust’s mode of operation is precarious and unstable, and it is insolvent according to a cease-and-desist order issued in June 2023. The appointment of a receiver is aimed at stabilizing Prime Trust and determining the best course of action to protect the interests of its clients. The receiver may either rebuild the company’s financial structure and return control to private hands or proceed with a total liquidation process. This follows an announcement that Prime Trust was unable to process customer withdrawal requests. The goal is to secure the interests of customers and provide them with as much protection as possible.

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