Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
  • DIRECTORY
  • CRYPTO
    • ETHEREUM
    • BITCOIN
    • ALTCOIN
  • BLOCKCHAIN
  • EXCHANGE
  • ADOPTION
  • TRADING
  • HACKING
  • SLOT
  • CASINO
Crypto Flexs
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
Facebook Twitter Pinterest LinkedIn Tumblr Email
Cryptocurrency company Abra settles with state regulator over mobile app license denial
Share
Facebook Twitter LinkedIn Pinterest Email

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.

Share. Facebook Twitter Pinterest LinkedIn Tumblr Email

Related Posts

Bitcoin analysts bet on $ 200K after hints of Fed.

August 23, 2025

‘Self -transactions, dressed in capital layout’: The cryptocurrency financial craze divides the industry.

August 15, 2025

As you challenge the mixed technology signal, OnDo Price Hovers challenges the August Bullish predictions.

August 7, 2025
Add A Comment

Comments are closed.

Recent Posts

Crypto liquidation exceeds $ 900m after the Fed Chair ‘s jackson hole speech.

August 26, 2025

What happened in Crypto today

August 26, 2025

BitMine Immersion (BMNR) Reigns as the #1 ETH Treasury in the World, 2nd Largest Crypto Treasury Globally and the 20th Most Liquid US Stock, Trading $2.8 Billion per Day on Average

August 25, 2025

Gamdom Launches Next-Level Sportsbook Experience

August 25, 2025

NE-YO Partners With Neura To Transform Entertainment With Emotional AI

August 25, 2025

Mine BTC Daily With Okalio Mining, Allowing You To Earn Steady Profits Without Investing In Equipment!

August 25, 2025

HKGAI And FLock.io Partner To Advance Decentralised AI For Government Efficiency

August 25, 2025

BNB chain overtakes polygons with NFT sales on the 7th.

August 25, 2025

Distributed financial introduction

August 24, 2025

SANTIMENT says that Fed Rate Talk Signals Signals problems arise.

August 24, 2025

Ethereum Breaks $4,750 Support As Pepeto Crosses $6,287,248 In Presale Funding

August 23, 2025

Crypto Flexs is a Professional Cryptocurrency News Platform. Here we will provide you only interesting content, which you will like very much. We’re dedicated to providing you the best of Cryptocurrency. We hope you enjoy our Cryptocurrency News as much as we enjoy offering them to you.

Contact Us : Partner(@)Cryptoflexs.com

Top Insights

Crypto liquidation exceeds $ 900m after the Fed Chair ‘s jackson hole speech.

August 26, 2025

What happened in Crypto today

August 26, 2025

BitMine Immersion (BMNR) Reigns as the #1 ETH Treasury in the World, 2nd Largest Crypto Treasury Globally and the 20th Most Liquid US Stock, Trading $2.8 Billion per Day on Average

August 25, 2025
Most Popular

What is Toncoin (TON) and how do I buy it?

June 22, 2024

Ethereum ETF is off to a rocky start but maintains strong growth potential, Bitwise CEO confirms.

October 23, 2024

SHIB CEO Slams PEPE, DOGE, WIF Comparison in Encrypted Tweet

September 9, 2024
  • Home
  • About Us
  • Contact Us
  • Disclaimer
  • Privacy Policy
  • Terms and Conditions
© 2025 Crypto Flexs

Type above and press Enter to search. Press Esc to cancel.