Did Prime Trust surrender its money transmitter license in Connecticut?
Yes, Prime Trust voluntarily surrendered its money transmitter license in Connecticut and will wind down operations in Connecticut on Friday, April 7, 2023 (5pm EST).
Was Prime Trust licensed in Connecticut?
Yes, Prime Trust had a money transmitter license.
What effect will this have on my ability to do business in Connecticut?
Effective on April 7, 2023, no new accounts can be created in Connecticut. Any user that tries to open a new account from Connecticut will receive an error message. Contributions to accounts in Connecticut are blocked. Any user that tries to make a contribution to a Connecticut-based account will receive an error message.
Can I still make a withdrawal?
Withdrawals are not blocked and account holders should be able to remove assets via their platforms as normal.
Do I need to move my account? How will I do that?
Yes. Prime Trust will work with integrators/customers and account holders as needed to disburse assets and close all Connecticut-based accounts.
Will Prime Trust Customer Support still assist existing Connecticut account holders?
Yes, Prime Trust Customer Support will operate as usual. If you have a question or need support, please submit a ticket at firstname.lastname@example.org
Will Prime Trust return to Connecticut?
We intend to remediate the situation with Connecticut and reapply for a money transmitter license.