Kim Kardashian , Pays Over $1 Million Fine to SEC , Over Crypto Promo.
NBC reports that Kim Kardashian has agreed to pay a $1.26 million fine for unlawfully promoting a cryptocurrency on Instagram.
According to Securities and Exchange Commission officials, Kardashian failed to disclose that she was paid to promote EMAX tokens on Instagram.
According to Securities and Exchange Commission officials, Kardashian failed to disclose that she was paid to promote EMAX tokens on Instagram.
An SEC statement revealed that the reality TV star failed to disclose the $250,000 she was paid to promote the crypto asset offered by EthereumMax.
An SEC statement revealed that the reality TV star failed to disclose the $250,000 she was paid to promote the crypto asset offered by EthereumMax.
Last June, Kardashian asked her millions of followers: , “ARE YOU INTO CRYPTO???
THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN.”.
Last June, Kardashian asked her millions of followers: , “ARE YOU INTO CRYPTO???
THIS IS NOT FINANCIAL ADVICE BUT SHARING WHAT MY FRIENDS JUST TOLD ME ABOUT THE ETHEREUM MAX TOKEN.”.
The Instagram post also included a link to EthereumMax's website.
According to the SEC, the post violated the anti-touting provision of federal securities law.
Kardashian is reportedly cooperating with the commission's investigation, "without admitting or denying the SEC's findings.".
Kardashian is reportedly cooperating with the commission's investigation, "without admitting or denying the SEC's findings.".
The SEC said that Kardashian also agreed not to promote any crypto assets for the next three years.
This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors, Gary Gensler, SEC Chair, via NBC.
We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals, Gary Gensler, SEC Chair, via NBC
