Golden Finance reported that digital investment platform Abra and its founder and CEO William Barhydt have reached a settlement with financial regulators in 25 states. Abra will refund up to $82 million in cryptocurrency to U.S. customers in these states for operating its mobile application without obtaining the proper license. The settlement requires Abra to stop accepting cryptocurrency allocations and transactions from U.S. Abra Trade customers. Barhydt also agreed not to participate in the money transmission or money service business in these 25 states in any capacity for the next five years. Charlie Clark, director of the Washington State Department of Financial Institutions, said that state financial regulators will seriously pursue responsibility for violations. Abra's spokesperson pointed out that the settlement also resolved Abra's unregistered securities sales issues with certain state securities regulators. Since June 2023, Abra has refunded more than $250 million, accounting for approximately 99% of the assets held by its U.S. retail customers. Abra continues to operate in the United States through Abra Capital Management, an SEC-registered investment advisor.
