U.S. crypto asset custody company Prime Trust “insufficient customer funds”: Nevada regulator | CoinDesk JAPAN

Crypto custody firm Prime Trust has been unable to meet all withdrawal requests this month due to a “lack of client funds,” Nevada regulators said Wednesday. Nevada regulators have ordered Prime Trust to cease all activity that violates state regulations, saying the company’s “overall financial condition… has deteriorated significantly to critically deficient levels.” Prime Trust is in “significant loss” and may become insolvent, he said. “Around June 21, 2023, Prime Trust was short of funds and unable to meet customer withdrawals due to large amounts of debt to customers recorded on its balance sheet.” We are unable to protect our