Media reports indicate Prime Trust cuts a third of its staff

The infrastructure-focused crypto company Prime Trust laid off a third of its staff. CoinDesk reported.

The staff reductions mainly hit its communications and compliance departments.

The company attributed the move to cost-cutting. However, the outlet noted that the layoffs occurred amid problems with Prime Trust’s business.

The firm announced a halt to operations in Texas by January 31 and withdrew its application for a money-transmitter licence in the state. The company declined to comment.

In 2022, the local regulator fined Prime Trust $30,000 for activity without approval.

In August the company became embroiled in a legal dispute with the bankrupt crypto-lending platform Celsius Network. The latter demandedreturn approximately $17 million in digital tokens.

In October Prime Trust pledged to meet the requirements.

Back in June, the company attracted $107 million to develop its business, despite a bear market.