In late January 2023, crypto services company Prime Trust laid off approximately one-third of its workforce as a cost-cutting measure. The layoffs, which occurred on a Tuesday, significantly impacted the communications and compliance departments. This move followed a period of public difficulties for the Las Vegas-based firm, including the suspension of its business operations in Texas after withdrawing a money transmitter license application and a prior regulatory fine. The company, which provides payment, custody, and regulatory infrastructure for other crypto businesses, was also undergoing leadership changes, having appointed an interim CEO in late 2022.
