Starting
in
2020,
the
crypto
investment
platform
and
lender
began
offering
Abra
Earn
to
customers,
promising
high
levels
of
returns
for
letting
the
firm
use
their
assets,
the
SEC
said
in
its
complaint.
At
one
point,
the
program
had
about
$600
million,
and
almost
$500
million
was
from
U.S.
investors.
Also,
for
at
least
two
years,
Abra
operated
as
an
investment
company
without
registering,
the
SEC
said.
The
company,
which
accepted
the
sanction
without
admitting
or
denying
the
allegations,
consented
to
a
prohibition
from
violating
the
U.S.
securities-registration
rules
and
whatever
civil
penalties
a
court
deems
appropriate.
The
company
had
already
similarly
settled
with
25
states
for
operating
without
licenses
and
agreed
to
return
as
much
as
$82
million
to
customers
in
the
U.S.