Uphold Settles CredEarn Case with Major Payment to Affected Investors

Regulators have secured a major settlement from cryptocurrency platform Uphold after its involvement in promoting CredEarn, a lending product tied to Cred, LLC.

The company marketed the product in New York between January 2019 and October 2020 through its platform and mobile app, describing it as a safe savings option with strong interest returns. However, regulators found that Uphold failed to disclose key risks behind the returns.

As part of the settlement, Uphold is required to pay over $5 million directly to affected investors, which will be more than their previous earnings. The recovered money will also be distributed among users as it becomes available.