The fine due from the influencer includes a $1 million penalty and a $260,000 appeal.
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She had touted a cryptocurrency on Instagram without mentioning that she was paid for it. sanctioned, Kim Kardashian has agreed to pay a $1.26 million fine, the SEC’s Wall Street Constable announced Monday (October 3). The agency specifically accuses the reality TV star, influencer and businesswoman of promoting a cryptocurrency asset, EMAX token, sold on EthereumMax and failing to report that she received $250,000 from the platform for the operation.
The fine includes a $1 million penalty and an adjustment of $260,000 equal to the sum and interest Kim Kardashian received. American rapper Kanye West’s ex-wife, who agreed to cooperate with the SEC, also pledged not to promote cryptocurrency investments for three years.
In the offensive message she posted in June 2021, she wrote it all in capital letters: “Do you like crypto??? This isn’t financial advice, but I’m sharing what my friends just told me about the EthereumMax token!”
“This case is a reminder that the promotion of investment opportunities, including cryptocurrency investments, by celebrities or influencers does not mean those investment products are good for all investors.”said SEC chief Gary Gensler. “We encourage investors to weigh the potential risks and rewards of an investment in light of their financial goals.”he added.
According to Forbes, Kim Kardashian’s net worth is $1.8 billion. She has 331 million followers on Instagram.