Crypto Investment Platform Abra Settles with 25 State Regulators for Operating Without Licenses

Crypto investment platform Abra and its CEO William "Bill" Barhydt have settled with 25 state financial regulators for operating without proper licenses. As part of the settlement, Abra will return up to $82.1 million in crypto to US customers in the settling states and stop accepting crypto allocations from all US Abra Trade customers. Barhydt has also agreed not to participate in any money transmitting or money services business in any of the 25 settling states, other than as a passive investor, for five years. The settlement comes after state securities regulators in certain states, including New Mexico and Texas, also settled with Abra for selling unregistered securities.