The US Securities and Exchange Commission on Monday accused Kim Kardashian of illegally promoting cryptocurrencies. The SEC reported that Kim Kardashian did not disclose that she was paid $250,000 when she posted a post on her Instagram account about EMAX tokens. Here are the details.
According to a press release on October 3, the Securities and Exchange Commission has accused Kim Kardashian of illegally promoting EthereumMax’s EMAX tokens on her Instagram account. The SEC claims that Kim Kardashian did not disclose the $250,000 she received for publishing a post on her Instagram account.
The post contained a link to the EthereumMax website, which offers potential investors instructions to purchase EMAX tokens.
SEC Chairman Gary Gensler said:
“This case is a reminder that just because celebrities or phenomena support investment opportunities, including crypto securities, does not mean that these investment products are right for all investors. We encourage investors to evaluate the potential risks and opportunities of an investment in light of their own financial goals.”
Kim Kardashian agreed to pay a $1.26 million fine. He will also cooperate with the SEC’s ongoing investigation. Kardashian has agreed not to promote any crypto-asset securities for three years.
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