Prime Trust temporarily halted deposits and withdrawals of both fiat and crypto after receiving an order from the Nevada Financial Institution Division, according to fiat onramp service Stably.
Stably, which said it relies on Prime Trust as its regulated custodian, cited a letter to clients it said it received from the company. A copy of the letter was also obtained separately by The Block.
"During this period, we will suspend certain business expansion activities such as signing new customer contracts," Prime Trust said in the letter to Stably."Prime Trust is actively engaging the NV FID to determine next steps to remediate any concerns and return to business as usual as soon as possible."Stably, meanwhile, said it was forced to pause some services and operations as a result.
"As Prime Trust continues working to restore normal operations as quickly as possible, we are diligently working on integrating new custodian partners as well ," StablyThe Nevada Financial Institution Division was not immediately able to respond when contacted by The Block. Prime Trust did not immediately respond to a request for comment.
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