Nevada financial regulator petitions court to place Prime Trust into receivership By Cointelegraph

Following the filing of a cease and desist order, Nevada’s Financial Institutions Division has again moved against crypto custodian Prime Trust by petitioning for the appointment of a receiver.

In a June 26 filing, the regulator petitioned the Eighth Judicial District Court of Nevada for a temporary restraining order and an order appointing a receiver to Prime Trust Technologies, which would include its crypto custodian arm. Prime Trust has agreed to the receivership along with the regulator based on the “substantial deficit between its assets and liabilities.”