What happened with Prime Trust?
On 6/22/23 Switch Reward Card was notified that our third party vendor, Prime Trust, was ordered by the Nevada Financial Institution Division to halt all deposits of fiat and digital assets for custody.
As of 6/27/23, we obtained a copy of the published Petition filed by the State of Nevada, Department of Business and Industry, Financial Institutions Division ("Division") regarding Prime Trust. This document sheds light on the Division's decision to issue a cease-and-desist order against Prime Trust, which directly affects the accessibility of your USD and digital assets through the Switch US Trading Platform. This decision, as well as the circumstances that led up to it, was outside of Switch Reward Card’s control.
When will I be able to access my funds on the US Trading Platform?
At this time, we do not have a clear answer to this question. We are closely following the situation and gathering information from the same public sources to which you have access to. It's important to note that the regulatory authorities hold the reins, and their decisions will play a significant role in determining the next steps.
We will share any updates as we receive them, as we are committed to serving you with dedication, integrity, and transparency throughout this challenging period.
Is my Reward Wallet affected?
No. The assets in your non-custodial Reward Wallet are safe and unaffected by events surrounding Prime Trust. As long as you have your 12-word seed phrase and encryption password, you are in complete control of your Reward Wallet and the assets it holds.
How is Switch Reward Card moving forward?
We have signed multiple contracts with 2 different third party custodians and liquidity partners for our Trading Platform.
Our developers are hard at work implementing these new products and we will transition our users from Prime Trust to new vendors as quick as we can. We are currently in alpha testing and hope to have more updates for you soon.
Where can I go if I have more questions?
Our dedicated customer support team is here to assist you. If you have any questions or concerns, please don't hesitate to reach out to us at firstname.lastname@example.org. We are here to support you throughout this process.