From Investing.com: 2024-06-26 17:12:17

Financial regulators in 25 U.S. states reached a settlement with cryptocurrency platform Abra for operating without required licensing, halting crypto operations for U.S. customers. Abra CEO Bill Barhydt faces a five-year ban from money transmission businesses and must refund up to $82.1 million to customers in the 25 states, avoiding monetary penalties.

Abra spokesperson expressed satisfaction with the Term Sheet negotiation agreed upon with state regulators. Abra will continue operating in the U.S. through Abra Capital Management, an SEC-registered investment advisor. CEO Bill Barhydt stated relief that the state negotiations have concluded, while CSBS Chair emphasized the importance of companies complying with state laws to protect consumers.

Read more at Investing.com: Crypto firm Abra reaches settlement with US states for operating without licenses By Reuters