Crypto Company Abra Reaches Agreement with State Regulators
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Crypto firm Abra has reached a settlement with 25 state financial regulators after being accused of operating without proper licensing.
The agreement, which also includes CEO William Barhydt, mandates that Abra ceases all virtual asset transactions to US customers and returns $82 million in assets.
According to a statement from the Conference of State Bank Supervisors, the organization representing 50 states and US territories and overseeing 79% of all US banks, the investigation was conducted by regulators from eight states, including Arkansas, Connecticut, Georgia, Ohio, Oregon, Texas, Vermont, and Washington State.
These states found that Abra’s mobile application for crypto transactions was not licensed, leading to the settlement.
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