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The Texas State Securities Board has issued an emergency cease-and-desist order against crypto lender Abra and its founder William Barhydt, alleging securities fraud and insolvency.
The Texas regulator claims Abra has ties to Binance and Prime Trust, and roughly $70M stuck on Babel, Genesis, and 3AC.
In an emergency cease-and-desist order, the Texas State Securities Board alleged that Abra (otherwise known as Plutus Financial), Abra Boost, Plutus Lending…
Abra is preparing to make a transition into a banking institution, vowing for transparency and security as it attempts to stay afloat in the changing financial landscape.
According to the crypto firm, Abra Bank will be regulated to operate within the U.S. and give clients the ability to use digital assets in seemingly the same way as fiat.