"Uphold stated that the payment of over $5 million to customers was primarily due to the company unwittingly repeating false statements made by Cred about its services."
"The settlement requires Uphold to implement broker registration, enhance third-party due diligence, and strengthen compliance controls to prevent future issues."
"Uphold emphasized that it did not admit liability under the settlement and rejected any claims of knowingly promoting Cred's alleged misconduct."
Uphold rejected New York's claims about its involvement in the CredEarn settlement, asserting that the regulator misrepresented its role in Cred LLC's collapse. The company agreed to pay over $5 million in customer repayments while denying any knowledge of fraud or intent to mislead. The settlement includes broker registration, enhanced due diligence, and stronger compliance controls. Uphold stated that it repeated false statements from Cred, leading to the repayment agreement, and emphasized it did not admit liability.
Read at news.bitcoin.com
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