Kim Kardashian will pay $1.26 million to settle SEC fees she didn’t disclose, $250,000 she received for promoting a crypto asset on her Instagram feed
- Kim Kardashian agrees to pay after being arrested for accepting crypto payments
Kim Kardashian has agreed to pay more than a cool million to settle with the DEC after failing to disclose a $250,000 payment she received for promoting crypto on her Instagram.
She has also agreed to stop promoting crypto assets for three years and to fully cooperate with ongoing investigations.
The SEC found that Kardashian had failed to disclose EthereumMax’s payment to promote EMAX tokens for crypto assets.
“This case is a reminder that celebrity or influencer endorsement of investment opportunities, including crypto-asset securities, does not mean those investment products are appropriate for all investors,” SEC Chairman Gary Gensler said in a press release.
‘MS. Kardashian’s case also serves as a reminder to celebrities and others that they are legally required to disclose to the public when and how much they are being paid to encourage investing in securities,” Chairman Gensler added.
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The reality TV star posted an ad for Ethereum Max – a digital “token” similar to Bitcoin – on Instagram on Sunday. She said: “Are you on crypto??? This is not financial advice but sharing what my friends told me about the Ethereum Max token!’