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Home»ADOPTION NEWS»Cryptocurrency company Abra settles with state regulator over mobile app license denial
ADOPTION NEWS

Cryptocurrency company Abra settles with state regulator over mobile app license denial

By Crypto FlexsJune 26, 20243 Mins Read
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Cryptocurrency company Abra settles with state regulator over mobile app license denial
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Cryptocurrency company Abra has agreed to settle with 25 state financial regulators who claim the company operated without proper licensing.

The agreement, which also includes CEO William Barhydt’s name, says Abra must stop creating, buying, selling or trading cryptocurrencies to U.S. Abra Trade customers and the company must return $82 million worth of virtual assets to customers. Yes. name Presented at the Conference of State Bank Supervisors. This organization is comprised of the 50 states and other U.S. territories and oversees 79% of all banks in the United States.

A group of state financial regulators from the states of Arkansas, Connecticut, Georgia, Ohio, Oregon, Texas, Vermont and Washington investigated Abra and found that the company operated a mobile application for buying, selling, trading and investing in cryptocurrencies, but found no information. He said he didn’t get it. CSBS said a license was required.

“State financial regulators have a serious role to play in protecting consumers and deterring unlicensed activity,” CSBS Chairman and Washington State Department of Financial Institutions Director Charlie Clark said in a statement. “Companies that do not operate within the confines of state law will be held accountable.”

CSBS said the states that participated in the settlement agreed to waive $250,000 in fines per jurisdiction to help repay customers.

Abra has found itself in the crosshairs of other state regulators. Earlier this year, the Texas State Securities Commission stable We have consulted with the Company and its CEO in principle regarding allegations that they committed securities fraud in relation to Abra Earn and Abra Boost. Abra is the generic name for four affiliates managed by Barhydt that offer the interest-paying Abra Earn and Abra Boost programs.

“Abra is pleased to have completed the term sheet previously negotiated with the Money Transfer Regulatory Association’s Working Group in relation to the Abra app offered by Abra in the United States. “The consent order will resolve all state issues related to the Abra app in the United States from March 2021 to June 2023,” an Abra spokesperson said in an email.

Abra previously said it was limiting some of its U.S. services. regulatory uncertainty.

The spokesperson said Abra continues to operate in the U.S. through Abra Capital Management, an investment adviser registered with the Securities and Exchange Commission. Abra Capital Management allows clients to invest in cryptocurrencies, earn returns, stake, and take out loans.


Disclaimer: The Block is an independent media outlet delivering news, research and data. As of November 2023, Foresight Ventures is a majority investor in The Block. Foresight Ventures invests in other companies in the cryptocurrency space. Cryptocurrency exchange Bitget is an anchor LP of Foresight Ventures. The Block continues to operate independently to provide objective, impactful and timely information about the cryptocurrency industry. Below are our current financial disclosures.

© 2023 The Block. All rights reserved. This article is provided for informational purposes only. It is not provided or intended to be used as legal, tax, investment, financial or other advice.

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