On Monday, the Texas State Securities Board announced a settlement in principle with Abra and its CEO, Bill Barhydt, which would allow investors in the United States to withdraw their assets from the crypto platform.
This decision follows the state’s enforcement action last year, which caused Abra to cease operations in the country.
Abra is the collective name for four companies owned by Barhydt, which offered programs such as Abra Earn and Abra Boost that promised interest rates.
As part of the settlement, Abra has agreed to notify users with balances over $10 and allow them to withdraw their funds within seven days.
Any remaining assets that are not claimed will be converted to fiat currency and distributed to remaining investors in Texas.
Abra has been given 30 days to fulfill these obligations.
