Abra Reaches Settlement with U.S. Regulators Over Licensing Issues

By Guntakin Mehnatli
June 26, 2024

Financial regulators in 25 U.S. states announced a settlement with cryptocurrency platform Abra and its CEO, Bill Barhydt, for operating without required state licenses. Abra will refund up to $82.1 million to customers in these states and has agreed to cease accepting crypto from U.S. retail customers.

Barhydt is barred from participating in any licensed money transmitter business for five years. Despite the settlement, Abra continues to operate in the U.S. through its SEC-registered Abra Capital Management. Regulators emphasized their commitment to consumer protection and enforcing licensing laws.

Abra U.S. regulators

About Author / Guntakin Mehnatli

Starting her career as a Political Journalist in 2020, Guntakin Mehnatli has dedicated the past four years to becoming an expert in finance and political news reporting. She also maintains a keen focus on trending topics in artificial intelligence, technology, startups, business and related areas.