Abra will pay a fine to the SEC for violations in dealing with crypto assets.

The Abra crypto lender has agreed to pay a fine to the SEC for violating registration laws in working with the Abra Earn service. Although the service was shut down in 2022, the SEC alleges that Abra raised about $600 million using investors' assets for personal gain without registration. In addition, in June, Abra reached an agreement with regulators in 25 US states, pledging to refund up to $82.1 million to customers for providing services without a license. CEO Bill Bargid has been banned from participating in the financial business for five years.