Prime Trust has announced that it will cease operations in Texas at the end of January.
The firm withdrew its application for the Texas Money Transmitter License, but said it plans to reapply quickly.
Prime Trust Texas Terminates Operations
Prime Trust, a digital asset custodian, has announced that it will end its operations in the US state of Texas at the end of January, according to an announcement posted on its website.
According to the statement on its website, the company was providing custody and other services to key players in the crypto industry such as Swan, Abra, and Okcoin.
Prime Trust informed clients three days ago that it had withdrawn its application for a Texas Money Transfer License (MTL) and failed to qualify the firm to operate in the Lone Star State, despite its intention to reapply.
Michelle Marin, senior vice president of communications, Prime Trust, said in a statement:
“We are constantly renewing applications and that is part of the process. We plan to reapply quickly and keep our business in Texas.”
Additionally, public records revealed that Prime Trust was fined $29,850 last year by the Texas Banking Commissioner for conducting unlicensed money transfer activities in the state.
