Kim Kardashian fined more than £1,000,000 for promoting crypto on Instagram

Kim Kardashian has agreed to settle $1.26million (£1.1million) in fines for carrying a cryptocurrency on social media without disclosing the payment received for it.

The SEC announced that the reality TV star has agreed to cooperate with its ongoing investigation.

The agency said Kardashian did not disclose that she was paid $250,000 (£222,000) to post on her Instagram account about EMAX token, a crypto asset security offered by EthereumMax.

Kardashian’s post included a link to the EthereumMax website, which provided instructions for potential investors to buy EMAX tokens.

Gurbir Grewal, director of the SEC’s Enforcement Division, said in a prepared statement, “Federal securities laws require that any celebrity or other person promoting a crypto-asset security disclose the nature, source, and amount of compensation received must barter for promotion.”

The cryptocurrency has attracted increasing attention from the US Congress. A bipartisan proposal last month would hand over the regulator of Bitcoin and Ether, two popular cryptocurrencies, to the Commodities Futures Trading Commission after wild swings in crypto valuations, dozens of scams and hundreds of billions of dollars won and lost.

Kardashian isn’t the first celebrity to attract the attention of regulators for their involvement in cryptocurrencies.

In 2018, the agency settled charges against professional boxer Floyd Mayweather Jr. and music producer DJ Khaled for failing to disclose payments they received to encourage investments in digital currency.

This year, crypto investors have seen prices plummet, companies disappear overnight with assets and jobs, and some firms have been accused by federal authorities of operating an illegal securities exchange. Kim Kardashian fined more than £1,000,000 for promoting crypto on Instagram

Fry Electronics Team

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