0 sats \ 5 replies \ @DiracDelta 26 Jan 2023 \ parent \ on: Prime Trust to cease all business in Texas effective 31 Jan 2023 bitcoin
lmao, it's hilarious how people think they stopped using Prime Trust due to their verbiage around the massive fuck-up (which btw, they could have easily built internal tooling to prevent... and presumably still have not, so you are being extremely trustful that you are not getting screwed with them or Swan). Prime Trust got another liquidity provider, which then Strike effectively had access to. Your entire backend liquidity provider is not something you can change in a weekend, lol
https://bitcoinmagazine.com/markets/ftx-collapse-cause-huge-bitcoin-price-spike
why has strike not made an announcement about not being able to buy bitcoin in texas if they still use prime?
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My guess is that will accelerate a spin down of what I suspect to be a large portion of their business. Prime Trust will work to offboard accounts so there is likely some sort of grace period. I would expect every second of that grace period to be milked by any company who is reliant on Texas to boost their customer base.
In any case they still have a few days to announce. May not need to give any advanced notice at all. Maybe they have some sort of ace in their pocket to keep operating in Texas. That is always possible. I am hopeful for that anyways.
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strike has its own money transmitter license in texas.
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Ok an update to my previous response. I looked into this a bit more and it is true that they have an MTL for Texas: https://strike.me/legal/licenses/
But it also lists they have an MTL for South Dakota, which they no longer operate in because Prime Trust is not currently operating in that state.
Could go so many directions so I guess we will have to wait and see.
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That is good to know. I did not think to check but they probably list their licenses some where on their website. I am going to check Swan too but they probably have a license as well.
I can't imagine either are very happy with Prime Trust right now. Maybe they know the "why" behind it all though. Prime Trust does not explain it to sufficient understanding beyond "We pulled our license, will reapply ASAP".
Prime Trust honestly kind of sounds like a bit of a shit show of a company from what I am gathering.
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