According to the Conference of State Bank Supervisors (CSBS), Abra, a crypto investment platform, and its founder and CEO William “Bill” Barhydt have reached a settlement with 25 state financial regulators.
As part of the settlement, Abra will return up to $82.1 million in cryptocurrency to customers in the 25 states involved. This also means that Abra will no longer accept any crypto transactions from customers in these states and will cease all crypto-related activities with customers in the US.
Barhydt has also agreed to refrain from participating in any money transmitting or money services business in these states for a period of five years, except as a passive investor.
CSBS Chair Charlie Clark emphasized the regulators’ commitment to protecting consumers and holding companies accountable for not following state laws. The states involved in the settlement include Washington, Arkansas, and Connecticut.
