Abra has agreed to a settlement with the U.S. Securities and Exchange Commission over accusations the platform, owned by Plutus Lending, inappropriately pushed Abra Earn to customers when the product qualified as a security that should have been registered, the agency said Monday.

Starting in 2020, the crypto investment platform and lender began offering Abra Earn to customers, promising high levels of returns for letting the firm use their assets, the SEC said in its complaint. At one point, the program had about $600 million, and almost $500 million was from U.S. investors. Also, for at least two years, Abra operated as an investment company without registering, the SEC said.

The company, which accepted the sanction without admitting or denying the allegations, consented to a prohibition from violating the U.S. securities-registration rules and whatever civil penalties a court deems appropriate. The company had already similarly settled with 25 states for operating without licenses and agreed to return as much as $82 million to customers in the U.S.

Read More: Abra Settles With 25 States for Operating Without Licenses, Will Return Up to $82M to U.S. Customers

"Abra sold nearly half a billion dollars of securities to U.S. investors without complying with registration laws designed to ensure that investors have sufficient, accurate information to make informed decisions before they invest,” said Stacy Bogert, associate director of the SEC’s Division of Enforcement, in a statement. She added that the agency is governed by "economic realities, not cosmetic labels."

A lawyer representing Abra didn't immediately respond to a request for comment.

Monday's action is Abra's second SEC settlement, after it agreed to pay $150,000 each to it and the Commodity Futures Trading Commission in 2020 to end an investigation into its swaps product.

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