Kim Kardashian has agreed to settle charges brought by the US Securities and Exchange Commission (SEC) and pay $1.26 million (£1.1 million) in penalties for promoting a cryptocurrency on social media, without disclosing the payment, which she received for it.
The SEC said the reality TV star and entrepreneur has agreed to cooperate with the 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.”
Kardashian has agreed not to endorse cryptocurrency securities for three years.
While Kardashian is known for reality TV and currently appears in The Kardashians on Hulu, she is also a successful businesswoman.
Their brands include SKIMS, which offers shapewear, loungewear and other products, and a skincare line called SKKN.
https://www.independent.ie/style/celebrity/celebrity-news/kim-kardashian-settles-with-us-agency-over-crypto-promotion-42036002.html Kim Kardashian Reaches Agreement with US Agency Over Crypto Ads