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.