The US SEC has charged the crypto firm Abra in the latest crackdown for offering unregistered digital assets services to its clients. In a recent press release, the US Securities and Exchange Commission said that the regulators have charged Plutus Lending LLC, which operates under the name Abra, for offering crypto solutions without registering with the agency.
So, let’s explore the report and the charges against the crypto firm in detail.
US SEC Charges Abra For Crypto Violations
The complaint from the agency, as highlighted in the US SEC press release, centers on the crypto firm’s lending product “Abra Earn”. The lending product allowed US investors to lend their crypto assets to the firm in exchange for interest payments.
According to the agency, the crypto firm started offering this service in July 2020 without registering with the regulatory body. At its peak, the lending product managed assets worth $600 million, of which around $500 million came only from the US traders.
The agency claimed that the firm marketed the program as a way for traders to “auto-magically” earn interest. On the other hand, the firm has used the investors’ crypto assets for its own profit, the report added.
The post Breaking: US SEC Cracks Down On Abra For Unregistered Crypto Offerings appeared first on CoinGape.
Earn more CFN tokens by sharing this post. Copy and paste the URL below and share to friends, when they click and visit Parrot Coin website you earn: https://cryptoforum.news0
CFN Comment Policy
Your comments MUST BE constructive with vivid and clear suggestion relating to the post.
Your comments MUST NOT be less than 5 words.
Do NOT in any way copy/duplicate or transmit another members comment and paste to earn. Members who indulge themselves copying and duplicating comments, their earnings would be wiped out totally as a warning and Account deactivated if the user continue the act.
Parrot Coin does not pay for exclamatory comments Such as hahaha, nice one, wow, congrats, lmao, lol, etc are strictly forbidden and disallowed. Kindly adhere to this rule.
Constructive REPLY to comments is allowed