Crypto investment platform Abra and its CEO William "Bill" Barhydt reached a settlement with 25 state financial regulators to operate their mobile apps without proper licenses. 😅

Under the terms of the agreement, Abra will return $82.1 million worth of cryptocurrency to U.S. customers in the agreeing states. It also agreed to accept crypto allocations from Abra Trade customers in the US and to stop “making, buying, selling or trading cryptocurrency” to Abra Trade customers in the US. 🚫💸

Barhydt also agreed to engage "in any capacity" in any money transfer or money services business in the 25 agreeing states for five years, other than being a passive investor. 🙅‍♂️💼

Washington, Arkansas and Connecticut are some of the states included in the agreement. Abra's agreement with state financial regulators for its unlicensed money transfer activity comes in addition to its agreements with certain state securities regulators, including New Mexico and Texas, to sell unregistered securities. 🏛️👮‍♂️

Regarding the consent orders, which will resolve all state matters regarding Abra's Abra Application in the United States, a spokesperson said, "Abra is pleased to enter into a Table of Terms negotiated with a working group from the Association of Money Transfer Regulators regarding its previously submitted Abra Application in the United States." "He hears," he said. 📜🤝

"Since June 2023, 99% of assets held by Abra's US retail customers using the Abra App have already been returned - over $250 million. Abra allows customers to invest in cryptocurrency, earn returns, stake and continues to operate in the U.S. through Abra Capital Management, an SEC-registered investment advisor that allows it to borrow against crypto assets.” said. 💰🔄

So what do you think? I'm waiting for your comments! 😄👇