Cryptocurrency platform Abra, along with its CEO William Barhydt and associated companies, has reached a settlement with 25 U.S. states for operating without proper licenses. The agreement follows an investigation by regulators from eight states, led by Washington, which found that Abra was running an unlicensed mobile app for crypto trading. As part of the settlement, Abra will not face penalties but will return up to $82.1 million and remaining virtual assets to customers in the participating states. Barhydt has agreed to refrain from engaging in money services activities for five years. The settlement involves states like Texas, Vermont, and Ohio, with others having the option to join later. Abra had faced previous regulatory issues, including a fine by the SEC and a cease-and-desist order from Texas. The company ceased operations with U.S. customers in June 2023. Read more AI-generated news on: https://app.chaingpt.org/news