trust industry

The cryptocurrency exchange company FTX is currently under bankruptcy proceedings. While the financial story makes international headlines, a South Dakota trust company is playing a role. As SDPB’s Lee Strubinger reports, the local company is helping new FTX management secure remaining assets.

Democrat U.S. representatives want to see changes to the trust industry after the Pandora Papers revealed that some South Dakota-based trusts are holding money for clients accused of crime, corruption and human-rights abuses.

A bipartisan bill introduced in the wake of the Pandora Papers would make trust companies investigate foreign clients.

Leaked documents show that Sioux Falls trust companies hold millions of dollars, some of which is tied to leaders and companies accused of human-rights abuses.

A State Senate committee is passing an annual bill crafted by those it impacts.Senate Bill 65 is a bill that supporters say keeps South Dakota on the…

South Dakota harbors around $243 billion dollars. Those assets are kept in any one of the 94 trust companies or state-chartered banks. All that’s needed is a physical office located within the state’s borders.