DON’T Miss Out: Nevada Court Asked to Place Prime Trust into Receivership.

Nevada Financial Regulator Petitions Court for Prime Trust Receivership

The Nevada Financial Institutions Division has petitioned a court to appoint a receiver for Prime Trust, a blockchain-based financial services provider. The regulator claims that Prime Trust has failed to comply with state laws and regulations.

The petition, filed in a Nevada state court, alleges that Prime Trust has failed to comply with state laws and regulations related to money transmission, trust companies, and the storage of digital assets. The regulator also claims that Prime Trust has not maintained adequate financial records and has not provided sufficient information to the regulator.

The regulator is seeking to have a receiver appointed to take control of Prime Trust’s assets and operations. The receiver will be responsible for winding down the company’s operations and ensuring that customers’ funds are returned to them. The receiver will also be responsible for conducting an audit of Prime Trust’s financial records.

The case is still pending in the Nevada state court. It is unclear how long it will take for the court to make a decision on the matter.

Alleged Non-Compliance of Prime Trust

The Nevada Financial Institutions Division alleges that Prime Trust has failed to comply with state laws and regulations, including the provisions of the Nevada Money Transmitters Act.

The regulator further claims that Prime Trust has not provided the necessary information to the Division for the purpose of conducting a financial examination.

Appointment of Receiver

The Nevada Financial Institutions Division has petitioned a court to appoint a receiver for Prime Trust, with the purpose of protecting the customers of Prime Trust and ensuring that the company complies with applicable state laws and regulations.

The receiver will be responsible for the management and operation of Prime Trust, and will also have the power to investigate the company’s financial affairs.