Crypto App Pays SEC, CFTC $300K For Unregistered Swaps

Law360 (July 13, 2020, 8:18 PM EDT) -- Financial regulators hit California-based Abra and related Philippines-based entity Plutus Technologies with $300,000 in penalties for illegally selling a variety of unregistered digital asset-based and security-based swaps outside any regulated exchange, according to orders filed Monday.

The U.S. Securities and Exchange Commission and the U.S. Commodity Futures Trading Commission both announced settlements with Abra and Plutus Technologies Philippines Corp., with the companies paying $150,000 to each regulator in penalties for violating the Securities Act and Commodity Exchange Act. Abra ran a mobile application that allowed users to buy contracts that provided "synthetic exposure" to U.S.-based stocks, exchange traded funds or digital...

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