Prime Trust Turmoil: Stably Suspends Services as Cryptocurrency Custodian Faces Financial Crisis

By Benito Cormi Jun 23, 2023115Views

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Prime Trust, a cryptocurrency custodian, has suspended withdrawals and deposits following an order from the Nevada Financial Institution Division. Seattle-based crypto firm Stably confirmed this information in a blog post, causing inconvenience for Stably and leading them to temporarily suspend most of their services. However, stablecoin issuer TUSD stated that it remained unaffected by the situation. The Nevada Financial Institution Division reported that Prime Trust encountered a financial predicament and violated its fiduciary obligations, resulting in a mandate to cease all business operations. Prime Trust has collaborated with various companies, including Abra, Augeo, Binance US, and Strike. Reports suggest that Strike is also facing challenges due to its association with Prime Trust. The crypto community is now trying to determine which firms have direct exposure to the custodian.

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Benito Cormi

Benito Cormi, the brilliant crypto analyst who has made waves in the world of cryptocurrency. With his razor-sharp analytical skills and deep understanding of the digital asset landscape, Benito has become a trusted figure in the industry and remains at the forefront, tirelessly researching and analyzing market trends to help individuals and businesses make informed decisions in this dynamic landscape.

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