Crypto services company Prime Trust has laid off one-third of its staff.
While it remains unclear how many staff were affected, reports have it that the cuts largely impacted staff in Prime Trust’s communications and compliance departments.
Prime Trust builds crypto and fiat payment, custody, and regulatory services for other crypto companies.
Prime Trust had endured several difficulties before the layoffs.
Last week, Prime Trust suspended business operations in Texas having been fined nearly $30,000 by Texas regulators in 2022 for conducting money transmission activities in the state without a license.
In November, Prime Trust CEO Tom Pageler was replaced with Jor Law, the current interim CEO.