What is Prime Trust LLC Binance? How to get started with Prime Trust Binance

TutorialsMay 2, 2022

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Prime Trust is an integrated financial infrastructure for fintech and digital asset innovators. So how is Prime Trust related to Binance? The article below learns about Prime Trust LLC Binance in detail, 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, compensation API, liquidity, compliance, settlement, and a debit card for monitoring spending.

Binance is known as the largest cryptocurrency exchange globally and has been announced as a client by Prime Trust since 2019. Accordingly, Prime Trust provides payment processing and “compliance service” to KYC and AML authorization for Binance payments.

Prime Trust’s prestige

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 sector. Prime Trust uses APIs to help platforms build a cryptocurrency exchange, launch 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 regulated 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 divided? It may be the question of many users. We can understand that Binance focuses on user experience while Prime Trust deals with cash flow issues. As follows:

The role of BinancePrime Trust’s focus
Provide a platform for users to open accountsCompliance Process (KYC/AML),
Allow users to create custodial accounts
Provide user fund accountAllow deposit
Check your bank balance in real-time
NACHA compliance
Get money
Pretreatment
Users buy/sell assets – Real-time quote support
– Provide a source of liquidity:
Fiat: Cryptocurrency
Fiat: Stablecoins
Cryptocurrencies: Fiat
Stablecoins: Fiat
Crypto: Cryptocurrency
– Access to ATS and Private Securities
Immediate Transaction Settlement– ​​Immediate Transaction Settlement
– Electronic payment
Allows users to store assets – Qualified custody or sub-management rights to Fiat money or Digital Assets
– Offer an IRA (individual retirement account)
– Asset protection trust organization
Utilize Spending Assets– Real-time balance updates
– Deposit processing
Supporting your users– Tax reporting
– 24/7 support
– Premium 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 customers. However, not everyone can open this account. Conditions for opening a Prime Trust IRA account are as follows:

  • The user must be a US citizen
  • Age: From 69 years old and under
  • Requirements: Only fund your account in USD *

How to open a Prime Trust IRA account

Select the IRA Account Type (Roth or Traditional).

Once logged in, find Open A New Account at the bottom of the page. Choose a Traditional IRA or a Roth IRA.

Source: Prime Trust

Enter 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, you must submit proof of address (valid within the last 90 days).

Binance focuses on user experience, while Prime Trust deals with cash flow issues. Instructions for opening a Prime Trust account

Read and Sign the Agreement

Please read the Agreement carefully and sign it by entering your full name in the box provided. Click Next to continue.

Binance focuses on user experience, while Prime Trust deals with cash flow issues. Instructions for opening a Prime Trust account

Upload KYC Verification Documents.

Click the Choose File button and upload the first document. To upload additional 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.

Binance focuses on user experience, while Prime Trust deals with cash flow issues. Instructions for opening a Prime Trust account

Provide deposit information.

Select the currency you want to use: USD, ERC-20 Token, Bitcoin, or Ethereum. Then, fill in the requested information for the specified money.

Binance focuses on user experience, while Prime Trust deals with cash flow issues. Instructions for opening a Prime Trust account

If all documents have been filled out and submitted correctly, 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]

Conclusion

Prime Trust LLC handles the core work related to cash flow for Binance, while Binance handles the work related to transactions and users. After opening a Prime Trust account usually takes customers around ten business days to process account verification. Besides, customer deposits are processed in 3-5 business days, and it takes ten days for these funds to be disbursed or transferred. Overall, Prime Trust treats Binance as a customer, giving Binance customers a better experience for balance tracking, real-time quotes, and financial regulatory compliance. It is not an independent platform from Binance.

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