The agency also accused the crypto firm of conducting secret transactions to Binance.
The Texas State Securities Board filed an emergency cease and desist order against crypto trading platform Abra and its Chief Executive Officer Bill Barhydt. The watchdog claimed that the company misled its customers and committed securities fraud by offering some of its products, such as Abra Earn.
While it removed that offering in October 2022, the platform later started selling investments through a similar product called Abra Boost. According to the watchdog, the shift was another way to mislead and scam users. The Texas State Securities Board also suggested that the entity has been secretly moving funds to Binance. As of February, Abra had assets valued at over $118 million at the crypto behemoth, the order reads.a lawsuit against the exchange, its US affiliate, and CEO Changpeng Zhao, accusing them of offering trading services with unlicensed securities, including BNB and BUSD.
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