Uphold Receives Regulatory Approval to Acquire Broker Dealer JNK Securities and Launch Fractional Equities Business

April 01, 2021

New York – Paul Hastings LLP, a leading global law firm, has advised Uphold, a leading digital money platform serving more than five million customers in more than 150 countries, on regulatory matters in obtaining approval from the Financial Industry Regulatory Authority (FINRA) and the Securities Exchange Commission (SEC) to acquire JNK Securities, a U.S. broker-dealer.

The approval by FINRA means that Uphold is one of, if not the first cryptocurrency firms to own a broker-dealer approved to offer equities on an omnibus basis to retail investors in the United States.

Uphold plans to launch fractional equities in the U.S. later this year and to pioneer seamless trading between cryptocurrencies, U.S. stocks, precious metals, carbon credits, FX products and other assets, all through a common user interface.

The Paul Hastings team was led by Corporate partner Michael Zuppone, and included of counsel Jacqueline May.

At Paul Hastings, our purpose is clear — to help our clients and people navigate new paths to growth. With a strong presence throughout Asia, Europe, Latin America, and the U.S., Paul Hastings is recognized as one of the world’s most innovative global law firms.

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