SANTA FE, N.M. (KRQE) – New Mexico regulators have reached a settlement with cryptocurrency platform Abra, which they say violated state rules. As a result of the settlement, Abra must return assets to clients in New Mexico.
Abra, which is affiliated with companies including Plutus Financial Holdings Inc., Plutus Financial Inc., Plutus Lending LLC, and Abra Boost LLC, sold interest-bearing products, the New Mexico Regulation and Licensing Department says.
“Although firms are creating new products tied to evolving technologies, they must continue to comply with existing securities laws,” New Mexico Securities Division Acting Director Benjamin Schrope said in a press release. “The Securities Division will continue to safeguard New Mexicans who purchase cryptocurrency in the same manner as investors purchasing stocks, bonds, and other traditional products.”
Abra must now return assets to 41 New Mexico residents before April 28, 2024. Existing customers can withdraw their assets, and unclaimed assets over $10 will be returned to customers through their last known address.
