SANTA FE, N.M. (KRQE) – New Mexico regulators recently took on Abra, a cryptocurrency group, for allegedly operating without a required license. Now, the group’s customers in New Mexico are set to get their share of a settlement payout.
Abra and its operators agreed to settle after New Mexico and other states brought the allegation against the company. The settlement was announced earlier this year, when the state’s Regulation and Licensing Department said Abra would pay back its clients. But now, the state has revealed the value of the payback.
The company will have to pay back customers in New Mexico and other states up to $82.1 million worth of assets they invested. The company will also have to pay New Mexico $250,000 to help cover the cost of processing repayments.
“Our role is to protect consumers by preventing unlicensed activity,” New Mexico Financial Institutions Division Director Mark Sadowski said in a press release. “Companies that do not operate within New Mexico laws will be held accountable.”
