Crypto Firm Abra Settles with 25 U.S. States Over Licensing Violations, Will Return $82 Million

Jun 26, 2024, 08:00 PM

On June 26, cryptocurrency investment platform Abra reached a settlement with financial regulators in 25 U.S. states for operating without the required state licenses. The settlement includes an agreement for Abra to return up to $82 million in cryptocurrency to its U.S.-based customers. The firm and its CEO were found to have operated their mobile app without the necessary licensing, leading to the regulatory action.