The Oregon Division of Financial Regulation has reached a settlement agreement in principle with a cryptocurrency asset platform for violating state securities regulations

Eugene, OR –  According to the state officials, the group of affiliated companies – Plutus Financial Holdings, Plutus Financial, Plutus Lending and Abra Boost – offered and sold interest-bearing cryptocurrency depository products referred to as Abra Boost and Abra Earn.

State officials also said that as part of the settlement, the companies are required to notify all Oregon consumers with open accounts containing crypto assets with the companies that they are winding down U.S. operations and to encourage consumers to move any remaining crypto assets from the platform.

Consumers have at least seven days from the date they receive notice to remove their assets from the Abra platform.

Assets remaining after that date with a value of $10 or more will be converted to fiat and a check or other instrument will be sent directly to the consumer’s last known address.

In Oregon, 167 residents still have cryptocurrencies on the Abra platform valued at about $32,387.14.