Texas MTL FAQs

What is happening?
Prime Trust has ceased all business in Texas effective 31 Jan 2023

Why did Prime Trust do this?
We withdrew our Money Transmitter License (MTL) application from Texas, and intend to swiftly reapply with the objective of obtaining a Money Transmitter License in the near future.

We will provide updates to our licensing here.

Was Prime Trust licensed in Texas?
Yes, Prime Trust possessed a valid Money Transmitter License from Texas.

What are the impacts of the change?
Effective on January 31st 2023, no new accounts can be created in Texas.  Any user that tries to open a new account from Texas will receive an error message.

Effective on January 31st 2023, contributions to accounts in Texas are blocked.  Any user that tries to make a contribution to a Texas-based account will receive an error message.

Prime Trust will not block disbursements from accounts, and account holders should be able to remove their assets via the integrator platforms as normal.

Prime Trust will continue to work with our customers to close down accounts in Texas.

Can I still make a withdrawal?
Withdrawals are not blocked and users should be able to remove assets via their platforms as normal.

Do I need to move my account? How will I do that?
In the coming weeks, Prime Trust will work with integrators/customers and account holders to close down all Texas-based accounts.

Will Prime Trust Customer Support still assist existing Texas account holders?
Yes, Prime Trust Customer Support will operate as usual during the transition period.

Will Prime Trust ever return to Texas?
We intend to swiftly re-apply for a Money Transmitter License in Texas.