Crypto Custodian Prime Trust Has ‘Shortfall of Customer Funds,’ Nevada Regulator Says

“The Nevada Monetary Establishments Division (‘NFID’) was actively monitoring the solvency of Prime Belief, LLC (‘Prime’) in anticipation of a possible acquisition or merger,” the spokesperson stated. “Finally, Prime didn’t safeguard belongings underneath its custody and can’t meet all shopper withdrawals. As such, Prime has breached its fiduciary duties to its purchasers, in violation of Nevada belief legal guidelines. NFID’s major goal is to protect any enterprise worth remaining in Prime for the advantage of Prime’s purchasers.”