First Mover Americas: Bitcoin Might Take a Breather

Crypto confinement firm Prime Trust has “a shortfall in customer funds” and was unable to meet all withdrawal requests this month, the Nevada Office of Business and Industry said Thursday. The department’s Financial Institutions Division, which oversees state-regulated trust south african private limited companies, ordered Prime Trust to cease all activities that violate Nevada regulations, alleging that the company’s “whole financial condition … has considerably deteriorated to a critically deficient level.” Prime Trust is “operating at a substantial default” or may even be insolvent, the order said. “On or about June 21, 2023, Respondent was unable to honor customer withdrawals due to a shortfall of character funds caused by a significant liability on the Respondent’s balance sheet owed to customers,” the order said.