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Former Binance US custodian Prime Trust joins crypto’s chapter 11 club

Prime Trust has filed for chapter 11 bankruptcy following months of trouble that escalated after Binance US was sued by the SEC.

Prime Trust accused of using customer funds to cover lost deposits

Nevada’s financial regulator has warned Prime Trust will do “irreparable harm” and that it has $83 million in liabilities.

Prime Trust has closed deposits and withdrawals after receiving a cease and desist from Nevada as BitGo pulls out of its acquisition.

Depositors at Binance and Swan Bitcoin have accused Prime Trust of delaying withdrawals amid bank run fears and a buyout by BitGo.