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#Primetrust #BankRuptcy #crypto #Sec #Regulation **Prime Trust's Subsidiaries File for Bankruptcy**
Prime Trust, a crypto custody company, has announced that its two subsidiaries have filed for bankruptcy. The subsidiaries, Prime Trust Trust Company and Prime Trust Custody, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada on March 8, 2023.
The company said that the bankruptcy filing was a necessary step to protect its customers and assets. Prime Trust said that it has sufficient liquidity to meet its obligations to customers and that it is working with its creditors to reach a consensual agreement on a restructuring plan.
The bankruptcy filing comes at a time of turmoil for the crypto industry. The price of Bitcoin and other cryptocurrencies has been declining in recent months, and several crypto companies have filed for bankruptcy.
The SEC has also been cracking down on the crypto industry. In February, the SEC charged Celsius Network with operating an unregistered investment product. And in March, the SEC sued BlockFi for offering a lending product that it said was not registered with the agency.
The bankruptcy filing by Prime Trust's subsidiaries is a sign of the challenges facing the crypto industry. It remains to be seen whether the company will be able to restructure its business and survive.
**Hashtags:**
* #Primetrust
* #BankRuptcy
* #crypto
* #Sec
* #Regulation
Prime Trust, a crypto custody company, has announced that its two subsidiaries have filed for bankruptcy. The subsidiaries, Prime Trust Trust Company and Prime Trust Custody, filed for Chapter 11 bankruptcy protection in the U.S. Bankruptcy Court for the District of Nevada on March 8, 2023.
The company said that the bankruptcy filing was a necessary step to protect its customers and assets. Prime Trust said that it has sufficient liquidity to meet its obligations to customers and that it is working with its creditors to reach a consensual agreement on a restructuring plan.
The bankruptcy filing comes at a time of turmoil for the crypto industry. The price of Bitcoin and other cryptocurrencies has been declining in recent months, and several crypto companies have filed for bankruptcy.
The SEC has also been cracking down on the crypto industry. In February, the SEC charged Celsius Network with operating an unregistered investment product. And in March, the SEC sued BlockFi for offering a lending product that it said was not registered with the agency.
The bankruptcy filing by Prime Trust's subsidiaries is a sign of the challenges facing the crypto industry. It remains to be seen whether the company will be able to restructure its business and survive.
**Hashtags:**
* #Primetrust
* #BankRuptcy
* #crypto
* #Sec
* #Regulation
