The Securities and Exchange Commission (SEC) has shared that it has settled with crypto lender Plutus Lending, LLC by paying a civil penalty of $1.65 million.
According to the SEC, Plutus, doing business as Abra, offered a retail crypto asset lending product, Abra Earn – which did not register with the Commission.
The SEC added that they have also imposed a permanent injunction against the firm.
Abra settled without admitting or denying the allegations. The agreement was finalized on January 13, 2025.
When the charges were initially filed, the SEC alleged that Abra sold nearly half a billion dollars of securities to US investors without complying with registration laws.
In June 2023, Abra started the process of shutting down the Abra Earn program and told its US-based Abra Earn customers to withdraw their crypto assets.
