Our current purchasing partner, Prime Trust, was notified that they must pause activity while they undergo their Texas Money Transmission License (MTL). As such, Bitcoin purchasing was paused for Texas residents on January 31st, 2023.
Normal operations will resume as soon as this license is renewed or we complete integrations with additional partners.
As a reminder, your funds will remain available to withdraw regardless of this license renewal process.
Do I need to do anything about it right now?
If you signed up for Swan as a Texas resident and have since moved to another state or country, then please reach out to firstname.lastname@example.org to change your address.
If you signed up a company and the company has since moved outside of Texas, please reach out to email@example.com to change your address.
Is my Bitcoin at risk?
There is no increase in risk to your Bitcoin holdings at Prime Trust, but we always encourage self-custody. You can withdraw your Bitcoin according to our normal withdrawal processes.
Are other states going to be shut down shortly?
We have no reason to believe this is the case. Texas regulators are conducting a broad review of companies in the crypto industry. Meanwhile, Swan is working to expand our custodial partners and our own licenses.
When are you going to return to Texas?
Swan will resume Bitcoin purchasing in Texas with a new solution shortly.
What happens if Prime Trust is not able to renew its Texas licenses?
If Prime Trust cannot renew its Texas licenses, then Swan will either offboard Texas customers (allow withdrawals of Bitcoin and USD) or we will transition Texas customers to another custodian.
Will Swan force payouts also be paused?
Yes. Swan force payouts to Texas residents will also be paused starting on January 31st, 2023.