Some services must be stopped by Prime Trust’s key partner steadily
Key Points:
- Due to the influence of Prime Trust, the payments platform’s regulatory custodian, Stably had to suspend some services.
- Due to a request from Nevada regulators, Prime Trust was forced to suspend both deposits and withdrawals.
Due to the influence of a close partnership with major crypto custody company Prime Trust, payment platform Stably has temporarily halted some operations.
According to an official announcement from payment platform Stably, some of its services will be suspended due to the influence of its regulatory custodian, Prime Trust, which is in trouble.
Following a request from the Nevada Financial Commission, Prime Trust recently announced that it had suspended deposits and withdrawals, as previously reported. This notice has also been sent by mail to this crypto custody company’s partners.
Prime Trust is a company that helps crypto projects with its services. They have served nearly 700 customers in the crypto and fintech industries. Despite receiving capital of more than 100 million USD in June of last year, they were recently rumored to be going bankrupt.
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The stablecoin TrueUSD (TUSD), which was recently deemed to be Binance’s “favorite,” made the announcement on Twitter on June 10 that it would suspend the service of issuing TUSD via Prime Trust until additional information becomes available on a new day. Then, on June 14, Banq, a Prime Trust subsidiary, applied to the US District Court for Nevada for bankruptcy protection.
After the crypto custody platform received a request to cease operations from the Nevada regulator, Bitgo, the company that previously announced its acquisition, also announced the cancellation of the acquisition.
According to the Nevada Financial Institutions Division (FID), “the company’s overall financial condition has deteriorated significantly,” and the company is operating in substantial deficits and may even be insolvent, Prime Trust has been ordered to cease any activity that violates Nevada regulations. According to FID, the business may not be able to function reasonably and has violated its fiduciary duty.
