The fine includes $260,000 the star received from the ad and $1 million in restitution.
American TV star Kim Kardashian has paid a $1.26 million fine after being accused by the US Securities and Exchange Commission (SEC) of illegally promoting a crypto investment scheme on Instagram. This was reported by The Verge.
The SEC alleges that Kardashian hid the fact that she was paid $250,000 to promote EthereumMax tokens in June.
In particular, the celebrity on his social network page suggested that his subscribers go to the EthereumMax website and join the E-Max community, assuring that it is not a pyramid scheme.
In addition, despite the fact that the socialite added the hashtag #ad (advertising) to the publications, the SEC believed that this level of disclosure was insufficient for crypto investments, which led to a fine of $1.26 million .
“Federal securities laws clearly state that any celebrity or other person promoting crypto asset securities must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” said Gurbir Grewal, SEC director of enforcement.
It was previously reported that Kim Kardashian admitted that she never had plastic surgery, but only Botox injections.
Kanye West revealed the reason for the divorce from Kim Kardashian
News from Correspondent.net on Telegram. Subscribe to our channel Athletistic
Source: korrespondent
I’m Liza Grey, an experienced news writer and author at the Buna Times. I specialize in writing about economic issues, with a focus on uncovering stories that have a positive impact on society. With over seven years of experience in the news industry, I am highly knowledgeable about current events and the ways in which they affect our daily lives.