In a recent turn of events, Abra has reached a settlement agreement with financial regulators from 25 U.S. states over allegations of operating without proper licenses.
This underscored the rise in illicit activities and also the efforts made across various U.S. jurisdictions regarding consumer protection. “State financial regulators take their role to protect consumers and prevent unlicensed activity seriously. Companies that do not operate within the bounds of state laws will be held accountable.”For context, this investigation was carried out by state financial regulators from several states, including Arkansas, Connecticut, Georgia, Ohio, Oregon, Texas, Vermont, and Washington.
Notably, Abra agreed to stop accepting virtual asset deposits from its U.S. customers and ceased cryptocurrency buying, selling, and trading services for U.S. customers back on June 15, 2023.