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Crypto Firm Prime Trust Placed Into Receivership

Nevada's Financial Institutions Division (FID) has taken control of crypto custodian Prime Trust, halted its operations, and is seeking a receiver for the firm, according to an announcement made by the regulator on Tuesday. The receivership request filed in Nevada on Tuesday states that Prime Trust, which was previously a financial infrastructure provider for Binance US and others, owes its clients more than $85 million in fiat currency, with only $3 million available on hand. This move from Nevada's FID comes only days after custodian BitGo withdrew its bid to acquire Prime Trust.

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