The post Abra Settles With the SEC, Agrees to Pay Fine appeared first on Coinpedia Fintech News
Abra, a crypto trading and lending platform got sued by the SEC. It seems like a trend for the SEC to sue crypto projects. The SEC sued Abra for conducting unregistered offers and sales of crypto asset securities through its Abra Earn services. The Securities Commission also alleged Abra to have operated as an unregistered investment company.
The Allegations on Abra
Launched in 2020, Abra Earn allowed investors to lend their crypto assets and earn interest. Because of this service, the platform grew quickly, managing around $600 million in assets. Most of these assets came from U.S. investors. According to the SEC, the firm did not register the service making it illegal under federal securities law.
The SEC in their press release shared details about the charges. It claimed that Abra sold around half a billion dollars of securities to U.S. investors without complying with regist
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