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Kim Kardashian fined for ‘illegally promoting cryptocurrency’: pay $1.26 million



The model decides to cooperate with the investigation, agrees to pay $1.26 million and is not allowed to advertise the value of crypto assets for three years.

American model Kim Kardashian Must pay $1.26 million after fines from the Securities and Exchange Commission This is due to the illegal announcement of cryptocurrencies through social networks.

The agency reported in a statement on Monday: The celebrity has settled the accusations and has agreed to cooperate with the ongoing investigation.

The SEC order determines: Kardashian did not disclose that he received $250,000 for posting on his Instagram account about the EMAX token. a crypto asset security product provided by Ethereum Max.

Kardashian’s post included a link to the EthereumMax website.that side Website provided instructions for potential investors to purchase EMAX tokens .

SEC Chairman Gary Gensler said, “This case shows that just because celebrities and influencers endorse investment opportunities involving cryptocurrency securities, those investment products are not suitable for all investors. It’s a reminder that there are no limits.”

Kardashian’s lawsuit “is also a reminder to celebrities and others that the law requires public disclosure of when and how much is paid to encourage stock investment,” he said. added.

Under federal securities laws: Celebrities and others promoting cryptocurrencies must disclose the nature, source and amount of compensation received in exchange for promotion .

An SEC order found that Kardashian had violated the federal securities law’s no-advertisement provision. I have agreed to pay the above $1.26 million.

Kardashian also agreed not to advertise the value of crypto assets for three years.

Source: Biobiochile

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