The fall of Prime Trust: Regulator Confirms the Crisis Situation
No party lasts forever – the food has entered the crypto market. According to the regulator, starting from June 21, Prime Trust no longer fulfills requests for the withdrawal of customer funds, while CoinMetro is held hostage by the situation.
Prime Trust’s decision to temporarily stop processing withdrawal requests set off a chain reaction that affected CoinMetro as well. The exchange found itself in a difficult situation, because the lack of free funds on the platform also led to limitation of withdrawals for users.
According to the order, Prime Trust has a month to decide whether to file for bankruptcy or apply to an administrative court. If the platform ignores the Department’s request, then the decision will be final. In such a case, the company will be subject to reorganization, sale or liquidation under the supervision of federal authorities, similar to the Signature case.
This is a critical point for Prime Trust. However, even in such a difficult situation, there is room for rebirth. The company can use the current moment to decisively change its direction, correct mistakes and restore customer confidence.
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