Cryptocurrency platform Abra has reached a settlement with 25 states in the U.S. to refund $82 million to American customers

According to ChainCatcher news and CoinDesk reports, 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 the proper licenses. The settlement agreement requires Abra to cease accepting cryptocurrency distributions and trades from U.S. Abra Trade customers.

Barhydt also agreed not to participate in any capacity in the money services business within these 25 states for the next five years. Charlie Clark, director of the Washington State Department of Financial Institutions, stated that state financial regulators will hold violators accountable. An Abra spokesperson noted that this settlement also addresses issues related to unregistered securities sales with certain state securities regulators. Since June 2023, Abra has refunded over $250 million, approximately 99% of the assets held by its U.S. retail customers. Abra continues to operate in the U.S. through its SEC-registered investment advisor, Abra Capital Management.