Uphold Ordered to Pay Over $5M for Misleading CredEarn Crypto Savings Ads

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New York Attorney General Letitia James said Uphold will pay over $5 million in restitution for promoting CredEarn as a safe and insured crypto savings product. The office said Uphold marketed the product between January 2019 and October 2020 without disclosing that yields came from high-risk small-dollar loans in China and that the claimed insurance did not exist. The office also said Uphold lacked required broker or commodity broker-dealer registrations, and $545,000 recovered from Cred’s bankruptcy will also go to affected users.

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