Trading app developer Abra will pay $300,000 in fines to settle charges by market regulators that it offered unregistered, off-exchange bets on price swings in stocks and digital and foreign currencies.
The Securities and Exchange Commission and the Commodity Futures Trading Commission each levied a $150,000 penalty against the California-based company, which also goes by Plutus Financial Inc., and its affiliate Plutus Technologies Philippines Corp, known as Abra International.
The agencies alleged the companies’ products enabled retail consumers to make illegal swaps contracts on the Bitcoin blockchain for thousands of contracts on digital asset, foreign currency, stock and exchange-traded fund ...
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