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Crypto Exchange Abra Settles With SEC Over Unregistered Securities Allegations

Crypto Exchange Abra Settles With SEC Over Unregistered Securities Allegations

The crypto exchange Abra has settled with the U.S. Securities and Exchange Commission (SEC) for a yet-to-be-determined amount over charges stemming from alleged unregistered investment offerings. The SEC specifically accused Abra’s parent company, Plutus Lending LLC, of failing to register its retail crypto asset lending product, Abra Earn. Abra settled the SEC’s charges without admitting […]

The post Crypto Exchange Abra Settles With SEC Over Unregistered Securities Allegations appeared first on The Daily Hodl.

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

SEC Charges Abra With Unregistered Sales of Crypto Asset Securities

SEC Charges Abra With Unregistered Sales of Crypto Asset SecuritiesThe U.S. Securities and Exchange Commission (SEC) has filed settled charges against Plutus Lending LLC, operating as Abra, for failing to register the offers and sales of its crypto asset lending product, Abra Earn. The SEC also accused Abra of operating as an unregistered investment company, further complicating the firm’s regulatory standing. SEC Targets Abra […]

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

Abra settles with SEC over unregistered securities charges

The SEC announced securities charges against the lending platform over its Abra Earn service but also said the firm had settled with pending civil penalties and an injunction.

The United States Securities and Exchange Commission announced that cryptocurrency platform Abra had agreed to a settlement over allegations the firm did not register the offers and sales of its lending product.

In an Aug. 26 notice, the regulator said Plutus Lending, doing business as Abra, “without admitting or denying the SEC’s allegations,” had agreed to pay civil penalties to be determined by a court and an injunction prohibiting the firm from violating securities laws. The SEC filed charges against the lending platform for failing to register the offers and sales of Abra Earn and operating as an unregistered investment company.

“Abra allegedly sold its own securities while skirting applicable Investment Company Act provisions that provide a number of important protections to investors, including minimizing conflicts of interest,” said SEC Enforcement Associate Director Stacy Bogert. “This matter reflects yet again, that in conducting enforcement investigations, we are governed by economic realities, not cosmetic labels.”

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Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

New Jersey Regulators Urge Crypto Investors to Withdraw Funds From Abra

New Jersey Regulators Urge Crypto Investors to Withdraw Funds From AbraNew Jersey’s Attorney General, the Division of Consumer Affairs, and the Bureau of Securities have urged investors to immediately withdraw funds from crypto platform Abra. This follows a multi-state investigation into the platform’s alleged violations of state securities laws. Affected investors will receive refunds, with crypto assets being converted to U.S. dollars. New Jersey Investors […]

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

Crypto Exchange Abra Acquires Several Valkyrie Funds After Settling With US State Regulators: Report

Crypto Exchange Abra Acquires Several Valkyrie Funds After Settling With US State Regulators: Report

Crypto exchange Abra is reportedly purchasing a number of funds from digital asset management firm Valkyrie Investments after settling with US state regulators. According to a new report by Bloomberg, Abra has bought several trusts from Valkyrie after settling up with 25 regulators. Marissa Kim, Abra’s head of asset management, tells Bloomberg that the deal […]

The post Crypto Exchange Abra Acquires Several Valkyrie Funds After Settling With US State Regulators: Report appeared first on The Daily Hodl.

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

Abra Acquires Valkyrie’s Tron and Zilliqa Trusts

Abra Acquires Valkyrie’s Tron and Zilliqa TrustsAccording to a recent report, the cryptocurrency company Abra has acquired a collection of digital currency trusts from Valkyrie Investments. The transaction, which includes Valkyrie’s Tron and Zilliqa trusts, was reportedly concluded before Abra reached a settlement with state regulators. Valkyrie Sells Several Crypto Trusts to Abra At the end of June, Abra resolved licensing […]

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

Cryptocurrency Firm Abra Settles With 25 US States Over Licensing Violations

Cryptocurrency Firm Abra Settles With 25 US States Over Licensing ViolationsFinancial authorities in 25 U.S. states have reached a settlement with the cryptocurrency investment platform Abra and its CEO Bill Barhydt for operating without proper licensing. This settlement mandates significant changes in how Abra conducts its operations within these states. Abra Reaches Settlement Over Unlicensed Operations, Agrees to Major Concessions According to a report from […]

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

Report Claims Visa and Mastercard Plan to Pause New Partnerships, Visa’s Head of Crypto Insists ‘Story Is Inaccurate’

Report Claims Visa and Mastercard Plan to Pause New Partnerships, Visa’s Head of Crypto Insists ‘Story Is Inaccurate’According to a recent report from sources familiar with the matter, Mastercard and Visa, the credit card and payment services giants, are halting new partnerships with cryptocurrency firms. This news comes after the collapse of several cryptocurrency ventures that offered crypto debit cards and failed due to financial difficulties last year. After the report published, […]

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

Abra announces plans for US bank supporting digital assets

Abra announced its international venture and U.S. bank would work with officials to ensure regulatory and legal compliance and planned to launch in 2022 and 2023, respectively.

Cryptocurrency trading platform Abra said it was “in the process of” establishing a United States-based state-chartered bank allowing clients to deposit digital assets.

In a Monday announcement, Abra said the bank, named Abra Bank, would be regulated to operate within the U.S. and give customers the ability to use digital assets in seemingly the same way as fiat at traditional banks. The company also planned to launch Abra International, a digital asset-focused business based outside the U.S.

“The best way to become the default Web3 wallet and crypto bank for everyone is by embracing a global regulatory framework that provides for transparency, oversight, security, and agency,” said Abra.

The two ventures were expected to launch in 2023 and 2022, respectively. Abra announced both institutions would work with officials to ensure regulatory and legal compliance, providing “on-ramps, off-ramps, and transactional services” for cryptocurrencies. Founder and CEO Bill Barhydt added on Twitter that the U.S.-based bank planned to include services for nonfungible tokens and custody, launching no later than the first quarter of 2023.

Related: Propy partners with Abra to provide crypto-backed real estate loans

In September 2021, Abra raised $55 million in a funding round led by Amex Ventures and others to grow its product offerings in wealth management. The company reported it had more than $1.5 billion in assets under management at the time of publication.

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer

New American Express Credit Card Lets Shoppers Earn Crypto Rewards Tradable Across 100+ Cryptocurrencies

New American Express Credit Card Lets Shoppers Earn Crypto Rewards Tradable Across 100+ CryptocurrenciesAmerican Express and Abra are launching a new credit card that will allow shoppers to earn cryptocurrency rewards “tradable across over 100 different cryptocurrencies” without annual or foreign transaction fees. American Express and Abra Launching Crypto Rewards Credit Card American Express (Amex) and crypto trading platform and wallet provider Abra announced the upcoming launch of […]

Crypto.com To Offer Equities Trading to US Customers After Acquiring Broker-Dealer