The US Securities and Exchange Commission (SEC) has settled with the crypto lending platform Abra. They charged the company with selling unregistered securities and operating as an unregistered investment firm.

Plutus Lending LLC, which runs Abra, agreed to the settlement without admitting or denying the SEC's claims. They will face civil penalties, but the exact amount is still to be determined by the court.

Abra Earn was a service that allowed retail investors to deposit their crypto assets and earn interest. It was marketed as a way for people to generate returns “auto-magically.” At its peak, Abra Earn had about $600 million in assets. Nearly $500 million of that came from US investors, according to the SEC's announcement on Monday.