Nevada Financial Institutions Division Statement Regarding Prime Trust LLC

The Nevada Financial Institutions Division (“NFID”) was actively monitoring the solvency of Prime Trust, LLC (“Prime”) in anticipation of a potential acquisition or merger. Ultimately, Prime failed to safeguard assets under its custody and cannot meet all client withdrawals. As such, Prime has breached its fiduciary duties to its clients, in violation of Nevada trust laws. NFID’s primary objective is to preserve any enterprise value remaining in Prime for the benefit of Prime’s clients.

On June 21, 2023, NFID issued a Cease-and-Desist Order (“C&D”) to Prime to cease and desist from accepting fiat and cryptocurrency from existing and new clients for custody purposes. The C&D can be located at NFID’s website at www.fid.nv.gov under enforcement actions.

About the Nevada Financial Institutions Division

The mission of the Financial Institutions Division is to maintain a financial institutions system for the citizens of Nevada that is safe and sound, protects consumers and defends the overall public interest, and promotes economic development through the efficient, effective, and equitable licensing, examination and supervision of depository, fiduciary, and non-depository financial institutions.

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