Digital investment platform Abra and its founder and CEO William Barhydt have reached settlements with financial regulators in 25 states. Abra will refund up to $82 million in cryptocurrency to U.S. customers in those states for operating its mobile app without the proper license. The settlement requires Abra to stop accepting cryptocurrency distribution and trading from U.S. Abra Trade customers. Barhydt also agreed not to participate in any capacity in money transfer or money service business in the 25 states for the next five years. Charlie Clark, director of the Washington State Financial Institutions Group, said state financial regulators would be held seriously accountable for violations. Abra's spokesperson noted that the settlement also resolves Abra's sales of unregistered securities with certain state securities regulators. Since June 2023, Abra has refunded more than $250 million, representing approximately 99% of the assets held by its U.S. retail clients. Abra continues to operate in the U.S. through Abra Capital Management, an SEC-registered investment advisor.