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Uphold agreed to pay $5 million to harmed investors in April 2026 to resolve claims by the New York attorney general that the platform misleadingly promoted a third-party product called CredEarn.
The product, operated by a separate firm named Cred, collapsed in 2020. As part of the settlement, Uphold agreed to register as a broker with the attorney general and improve its vetting process for third-party products.
Uphold has publicly disputed the attorney general's characterization of its conduct, noting that the episode involved a partner's lending product rather than the company's own trading platform.
The settlement follows a review of Uphold's operational model, which distinguishes it from major competitors like Kraken, Coinbase, and eToro by allowing direct trades between more than 250 cryptocurrencies, four precious metals, and 27 national currencies.
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