The settlement, which also names its CEO William Barhydt, requires Abra to stop making, buying, selling or trading crypto to U.S. Abra Trade customers and says the firm must return $82 million in virtual assets to customers, according to a statement released by the Conference of State Bank Supervisors. The organization comprises 50 states and other U.S. territories and supervises 79% of all U.S. banks.
“State financial regulators take their role to protect consumers and prevent unlicensed activity seriously,” CSBS Chair and Washington State Department of Financial Institutions Director Charlie Clark said in a statement. “Companies that do not operate within the bounds of state laws will be held accountable.”
Abra has gotten in the crosshairs with other state regulators. Earlier this year, the Texas State Securities Board said it had settled in principle with the firm and its CEO over allegations that it committed securities fraud regarding Abra Earn and Abra Boost. Abra is the common name for four affiliated companies controlled by Barhydt, which offered interest-bearing Abra Earn and Abra Boost programs.
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