Prime Trust is an integrated financial infrastructure for fintech and digital asset innovators. So, how does Prime Trust relate to Binance? The following article learns in detail about Prime Trust LLC Binance, how to open an account, and some things to know about Prime Trust.
What Is Prime Trust LLC Binance?
Prime Trust LLC is a platform that makes it easy for businesses to provide access to digital assets with qualified custody, payment pipeline, clearing API, liquidity, compliance, settlement, and a debit card for spending tracking.
Binance is known as the largest cryptocurrency exchange globally and has been announced as a customer by Prime Trust since 2019. As a result, Prime Trust provides payment processing and the “compliance service” to KYC and AML authorization for Binance payments.
The prestige of Prime Trust
Prime Trust provides the infrastructure to help businesses (similar to Binance) run more efficiently. Prime Trust designs products to make innovation work in the fintech industry. Prime Trust uses APIs to help platforms create a cryptocurrency exchange, start a bank, or expand their business with digital assets.
Any platform in general and Binance in particular, when combined with Prime Trust, is governed and governed by the Federal Arbitration Act and the Commercial Dispute Resolution and Supplementary Procedures for consumer-related disputes (collectively, the “AAA Rules”) of the American Arbitration Association (“AAA”).
Compare the role of Binance Exchange and Prime Trust
When Binance became a Prime Trust customer, how were the functions of these two platforms split? It may be the question of many users. We can understand that Binance focuses on the user experience while Prime Trust deals with cash flow issues. As follows:
|Binance’s role||Prime Trust’s focus|
|Provide a platform for users to open accounts||Compliance Process (KYC/AML),
Allow users to create custody accounts
|Provide a user funds account||Allow deposit
Check your bank balance in real time
|Users buy/sell assets||– Real-time preventive support
– Provide a source of liquidity:
– Access to ATS and Private Securities
|Immediate settlement of transactions||– Immediate settlement of transactions
– Electronic payment
|Allows users to store resources||– Qualified custody or sub-management rights on Fiat money or Digital Assets
– Offer an IRA (individual retirement account)
– Fiduciary organization for asset protection
|Use spending resources||– Real-time balance updates
– Deposit processing
|User Support||– Tax reporting
– 24/7 support
– Superior compliance
How to open a Prime Trust account?
The Prime Trust IRA personal retirement account is an account of great interest to many clients. However, not everyone can open this account. The conditions for opening a Prime Trust IRA account are as follows:
- You must be a U.S. citizen
- Age: 69 years and older
- Requirements: Fund your account in USD only*
How to open a Prime Trust IRA account
Select the IRA (Roth or Traditional) account type.
Once you’re signed in, find Open a new account at the bottom of the page. Choose a traditional IRA or a Roth IRA.
Enter the details about the account holder.
The account holder’s name and address must match the name and address printed on the government-issued photo ID to be uploaded in the Documents section. If the user uses a different addressable ID, a proof of address (valid for the last 90 days) must be submitted.
Read and sign the contract
Please read the Agreement carefully and sign it by entering your full name in the box provided. Click Next to continue.
Upload KYC verification documents.
Click the Choose File button and upload the first document. To upload more documents, click the ADD ANOTHER FILE button. Then click the UPLOAD ALL FILES button and click the Next button to move to the last section.
Provide deposit information.
Select the currency you want to use: USD, ERC-20 token, Bitcoin or Ethereum. Then, enter the required information for the specified money.
If all documents have been completed and submitted successfully, your account will be approved within 2-3 business days. If you have any questions or concerns in the meantime, please get in touch with [email protected].
Prime Trust LLC handles the core cash flow work for Binance, while Binance handles the transaction and user work. After opening a Prime Trust account, it usually takes customers about ten business days to process account verification. In addition, client deposits are processed in 3-5 business days and it takes ten days to disburse or transfer these funds. Overall, Prime Trust treats Binance like a customer, giving Binance customers a better experience for balance tracking, real-time quotes, and compliance with financial regulations. It is not a platform independent of Binance.