PANews reported on June 27 that according to The Block, the crypto investment platform Abra and its founder William Barhydt have reached a settlement with 25 U.S. state financial regulators who accused Abra of operating without proper licenses. According to a statement released by the Conference of State Bank Supervisors (CSBS), the settlement requires Abra to stop providing cryptocurrency trading services to U.S. Abra Trade customers and requires the company to return $82 million in crypto assets to customers. CSBS said the states involved in the settlement agreed to waive a $250,000 fine to help repay customers. Abra previously said it would limit some of its services in the United States due to regulatory uncertainty. In the future, Abra will continue to operate in the United States through its investment advisor Abra Capital Management registered with the U.S. Securities and Exchange Commission (SEC), allowing customers to invest in cryptocurrencies, earn income, pledge and borrow.
