Cryptocurrency

2024

<a href="https://bitcoinworld.co.in/abra-settles-with-texas-securities-regulators-customers-can-now-withdraw-their-funds/" title="Abra Settles With Texas Securities Regulators, Customers Can Now Withdraw Their Funds" rel="noopener noreferrer nofollow"></a>
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 <li style="font-weight: 400">Cryptocurrency platform Abra has reached a settlement with Texas securities regulators, enabling customers to withdraw their funds and ensuring compliance with existing securities laws.</li>
</ul>
Abra recently reached a settlement with Texas securities regulators, marking a development in regulating digital asset services.&nbsp;
The agreement allows users to withdraw funds from Abra, addressing concerns raised by the Texas State Securities Board.
Under the settlement terms, Abra must issue checks or secure bank instruments to clients with more than $10 in assets on the platform.&nbsp;
This action follows the Board’s discovery that Abra held approximately $13.6 million in crypto assets for around 12,000 customers at the time of the regulatory action.
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Texas Securities Commissioner Travis J. Iles emphasized existing securities laws’ applicability to traditional and innovative financial products.
“Existing securities laws are well equipped to protect investors purchasing traditional products such as stocks or bonds as well as new and innovative securities tied to digital assets and evolving technologies,” said Commissioner Iles.
The settlement <a href="https://ssb.texas.gov/sites/default/files/2024-01/TX%20Abra%20Term%20Sheet_Final.pdf" rel="noopener noreferrer nofollow">stipulates</a> a 30-day period for Abra and its CEO, William Barhydt, to fulfill their obligations.&nbsp;
<blockquote class="twitter-tweet" data-width="550" data-dnt="true">
 We’re pleased to announce that Abra has entered into an agreement under which Texas will agree to dismiss their actions against Abra from 2023. Abra worked with regulators over the course of many months to ensure that both parties were comfortable with our obligations to…
 — Bill Barhydt (@billbarX) <a href="https://twitter.com/billbarX/status/1749856361155056051?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">January 23, 2024</a>
</blockquote>
<script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
Any remaining assets will be converted to fiat currency and distributed to Texas investors.&nbsp;
Additionally, Barhydt is required to appoint a chief compliance officer for any entity he controls that offers investment advice or securities.
This agreement follows a cease and desist order issued to Abra and Barhydt in June, citing misleading public statements related to investment offers in Abra Earn.&nbsp;
See Also: <a class="row-title" href="https://bitcoinworld.co.in/verida-cheqd-and-finclusive-team-up-to-launch-multipurpose-kyc-kyb-digital-solution/" aria-label="“Verida, cheqd, And FinClusive Team Up To Launch Multipurpose KYC, KYB Digital Solution” (Edit)" rel="noopener noreferrer nofollow">Verida, cheqd, And FinClusive Team Up To Launch Multipurpose KYC, KYB Digital Solution</a>
The company, which had ambitions to become the first regulated crypto bank in the U.S., faced challenges after the collapse of FTX and had to make personnel cuts before receiving the regulatory order.
The post <a href="https://bitcoinworld.co.in/abra-settles-with-texas-securities-regulators-customers-can-now-withdraw-their-funds/" rel="noopener noreferrer nofollow">Abra Settles With Texas Securities Regulators, Customers Can Now Withdraw Their Funds</a> appeared first on <a href="https://bitcoinworld.co.in" rel="noopener noreferrer nofollow">BitcoinWorld</a>.

Abra Settles With Texas Securities Regulators, Customers Can Now Withdraw Their Funds

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