Crypto Custodian Prime Belief Has ‘Shortfall of Buyer Funds,’ Nevada Regulator Says

“The Nevada Monetary Establishments Division (‘NFID’) was actively monitoring the solvency of Prime Belief, LLC (‘Prime’) in anticipation of a possible acquisition or merger,” the spokesperson mentioned. “In the end, Prime did not safeguard property below its custody and can’t meet all shopper withdrawals. As such, Prime has breached its fiduciary duties to its purchasers, in violation of Nevada belief legal guidelines. NFID’s main goal is to protect any enterprise worth remaining in Prime for the good thing about Prime’s purchasers.”