Abra and CEO William Barhydt have settled with 25 US states for offering unlicensed crypto trading services. The settlement, announced on June 26, avoids $250,000 in penalties per state and facilitates $82 million in customer repayments.
Abra will stop accepting US crypto allocations and refund US customer balances. Barhydt is barred from participating in licensed money services businesses in these states for five years but can remain a passive investor.
Washington, the first state to issue a consent order, reported 706 users with $116,000.78 remaining on the platform. Abra began winding down US operations in June 2023, with its institutional service continuing to operate.
