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Another exchange has started withdrawals for its customers! The legal dispute between the Texas State Securities Board (TSB) and Abra was resolved on Monday, paving the way for investors in the crypto lending company to withdraw millions of dollars worth of previously frozen funds.
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Under the terms of the agreement, Abra is required to allow customers to reclaim their cryptocurrency that was deposited in interest-bearing accounts such as Abra Boost and Abra Earn, according to a notice sent to consumers by the Texas Securities Commissioner. These funds, worth about $13.6 million last year, had been locked up on the firm’s platform last summer, as shown in the notice.
If the agreement is fulfilled, it will end a series of enforcement actions that took place while Abra was nearly—if not entirely—insolvent during a period in which the Earn and Boost investment products were offered, according to the TSB. The TSC alleged that the products were securities and that the registration of both products fell within the agency’s jurisdiction.
Under the agreement, Abra is required to allow withdrawals within 30 days and to fulfill other conditions specified in the agreement, according to the notice. As a result, another exchange in the US has won by starting withdrawals.
Abra customers will receive a notification about withdrawing funds from their accounts and will need to complete the process within a seven-day withdrawal window. Under the terms of the agreement, unclaimed funds will be converted to US dollars and sent to investors in Texas by check.
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