Abra Suspends Withdrawals for Non-US Customers
Date: 2025-07-31 Author: Oliver Abernathy Categories: BUSINESS
The Abra platform announced that it has suspended international services for its Abra Earn product with immediate effect. In an official letter dated July 19, which was obtained by journalists, it is stated that such a decision is due to external factors beyond the company's control and is part of risk mitigation measures. However, specific details of what is happening are not disclosed, and company representatives have not made public comments.
Abra clients began to experience problems accessing funds back in June. Users report that they are unable to withdraw money, and the support service often ignores requests or responds with template phrases without explaining the situation. One of the clients from Guatemala said that he first noticed a lack of income on his accounts, and then the withdrawal function disappeared altogether. The amount blocked on his platform is about $1,200.
At the same time, the company's CEO, Bill Barhydt, continues to actively host podcasts and post messages on the social network X. However, users in response demand an explanation and refunds from him and the support service.
In a comment to DL News, Barhydt linked the problems to the transition to the new version of the Abra app and said that the company informs clients individually, and not through mass messages or the media.
Abra's history is marked by a number of regulatory complications. Founded in 2014, the company positions itself as a digital asset management service serving both institutional and wealthy investors, with assets under management of about $700 million.
In 2020, Abra was fined $300,000 by the SEC and CFTC for offering unregistered financial products to retail investors. The settlement of these issues was completed only in 2024. In 2023, a Texas regulator accused the company of fraud, alleging that Abra hid its insolvency and illegally transferred more than $118 million to Binance. As a result, the company reached a settlement with authorities and paid an $82 million fine for operating without a license.
It is worth noting that problems with cryptocurrency platforms continue to arise. For example, on July 29, DEX Hyperliquid experienced a technical glitch, which led to user complaints about orders not being executed.
The situation with Abra remains uncertain, and many customers continue to wait for official clarification and the opportunity to return their funds.
