The fine owed by the influencer includes a penalty of one million dollars and a remedy of $260,000.
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He had praised a cryptocurrency on Instagram, without mentioning that he got paid to do it. sanctioned, Kim Kardashian has agreed to pay a $1.26 million fine, the SEC’s Wall Street broker announced Monday (Oct. 3). The authority specifically accuses the reality star, influencer and businesswoman of advertising a cryptocurrency asset, EMAX tokens, sold on EthereumMax, without reporting that the platform paid her $250,000 for this operation.
The fine includes a $1 million penalty as well as a $260,000 adjustment representing the sum received by Kim Kardashian and interest. The ex-wife of American rapper Kanye West, who has agreed to cooperate with the SEC, has also pledged not to promote cryptocurrency assets for three years.
In the offensive message he posted in June 2021, he wrote, in all caps: “Do you like cryptocurrencies? This is not financial advice, but I am sharing with you what my friends told me about the EthereumMax token!”
“This case is a reminder that when celebrities or influencers promote investment opportunities, including cryptocurrency assets, that does not mean that those investment products are good for all investors.”SEC chief Gary Gensler said. “We encourage investors to consider the potential risks and opportunities of an investment in light of their financial objectives”he added.
According to Forbes, Kim Kardashian’s personal fortune is $1.8 billion. She has 331 million followers on Instagram.