What do the changes to the Abra app mean for Residents of South Dakota?

Due to recent regulatory changes within the state of South Dakota, Abra will have to suspend the availability of the following services which utilize Prime Trust: 

• Abra will be suspending the use of ACHs and Wires to deposit and/or withdraw funds. These changes are effective September 12th, 2022.
• Abra will no longer be able to offer or service the Borrow (loan) product for residents of South Dakota starting September 12th, 2022.

What can I do going forward?

• You can continue to use your Abra account to trade cryptocurrencies and send/receive supported coins and tokens

How does this affect me?  

• ACH/Wires
• You will no longer be able to utilize Prime Trust services starting September 12th, 2022. Prime Trust services include: deposit or withdraw funds via a bank account using ACHs or Wires.

• Abra Borrow

• • If you have an outstanding loan with our Borrow product, you will need to pay off the loan, in order to avoid the liquidation of your collateral to repay the loan. 

If you have any questions or no longer reside in South Dakota and need to change your address, please reach out to Abra support.