.
About two weeks ago, digital asset BitGo Holdings said it had reached an agreement in principle to acquire 100 percent of Prime Core Technologies, the parent company of cryptocastodian Prime Trust. At the time BitGo reported that the future deal would provide business continuity and long-term stability to Prime Trust customers.
However on Thursday, June 22, BitGo issued a notice announcing that it was discontinuing all planned legal arrangements related to the Prime Trust acquisition.
<blockquote
“After considerable effort and preliminary work to find a way to work with Prime Trust, the BitGo team has made the difficult decision to discontinue all acquisition activities,” BitGo’s official Twitter feed reads.
Regulators’ objections, triggered by Prime Trust’s unsuccessful cooperation with FTX Group and Binance.US, could have been the reason for disrupting the deal. In the case of Binance.US, accused of violating securities laws, the SEC implicitly mentions “Nevada-based trust company B” as an active partner in the application.. Some members of the crypto community associate
the unnamed “Company B” in the SEC lawsuit with Prime Trust.<br
BitGo and Prime Core have not commented on the reason for the rejection of the deal.
On the eve of the collapse of cryptocurrency exchange FTX, BitGo rejected
Alameda Research’s transaction to withdraw 3,000 BTC because a user on Alameda’s side unsuccessfully tried to pass a security check.