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Nevada Judge Approves Regulator's Petition to Place Prime Trust into Receivorship
Summary: A Nevada state court judge has approved a petition to place crypto custodian Prime Trust under the receivorship of the Nevada Financial Institution Division, according to a statement released by the regulatory. The regulator stated in the document that Prime Trust had failed to meet its obligations and owed millions of dollars to its customers. ...
A Nevada state court judge has approved a petition to place crypto custodian Prime Trust under the receivorship of the Nevada Financial Institution Division, according to a statement released by the regulatory. The regulator stated in the document that Prime Trust had failed to meet its obligations and owed millions of dollars to its customers. Adcording to the document, Prime Trust owes its clients more than $85 million in fiat currency, but has only $3 million available in cash. The company also owes over $69 million in digital currency to its clients but currently possesses approximately $68 million in digital assets. The court has ordered Prime Trust to appear before the court on August 22nd and provide a defense against the permanent approval of the state regulator's petition.
Author: Katie Lin
Tags: Prime Trust
Link: Nevada Judge Approves Regulator's Petition to Place Prime Trust into Receivorship [Copy]
