South Dakota FAQs

What is happening?

• Prime Trust has ceased all business in South Dakota effective 9 Sep 2022. 

Why did Prime Trust do this?

• South Dakota’s regulatory scheme has made it impractical for Prime Trust to continue to do business there.

Was Prime Trust forced to do this by the South Dakota government?

• No, Prime Trust voluntarily ceased business in South Dakota.

Was Prime Trust licensed in South Dakota?

• Yes, Prime Trust possessed a valid money transmitters license from South Dakota. 

What are the impacts of the change?

• Effective immediately, no new accounts can be created in South Dakota.  Any user that tries to open a new account from South Dakota will receive an error message.
• Effective immediately, contributions to accounts in South Dakota are blocked.  Any user that tries to make a contribution to a South Dakota-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.
• In the coming weeks, Prime Trust will develop a plan and will work with integrators and account holders to close down all South Dakota-based accounts.

Can I still make a withdrawal?

• Withdrawals are not blocked and users should be able to remove assets via integrators as normal.

Do I need to move my account? How will I do that?

• In the coming weeks, Prime Trust will develop a plan and work with integrators and account holders to close down all South Dakota-based accounts.

Will Prime Trust Customer Support still assist existing South Dakota account holders?

• Yes, Prime Trust Customer Support will operate as usual during the transition period.

Will Prime Trust ever return to South Dakota?

• Prime Trust will make future business decisions based upon the relevant factors as they exist at that time.