American star Kim Kardashian has agreed to pay $1.26 million for praising cryptocurrency on her Instagram account, Wall Street Police announced Monday.
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The authority specifically accused the reality TV star, influencer and entrepreneur of promoting EMAX tokens, a cryptocurrency asset sold on EthereumMax, while failing to disclose that she was paid $250,000 by the platform for the operation.
The fine includes a $1 million penalty as well as a $260,000 adjustment, representing the amount Ms. Kardashian received plus interest.
Rapper Kanye West’s ex-wife, who agreed to cooperate with the SEC, also pledged not to promote cryptocurrency assets for three years.
“When celebrities or influencers promote investment opportunities, including cryptocurrency assets, that doesn’t mean those investment products are good for all investors,” Gary Gensler said in a statement. , the SEC’s boss.
“We encourage investors to consider the potential risks and opportunities of an investment in light of their financial goals,” added Gensler.
According to Forbes, Ms. Kardashian’s personal fortune is $1.8 billion. She has 331 million followers on Instagram.
Already in the world of makeup and sculpted underwear, she launched private equity firm SKKY Partners with Jay Simmons in early September.
Other celebrities previously caught by US authorities for illegally promoting cryptocurrencies include boxer Floyd Mayweather, rap star DJ Khaled, actor Steven Seagal and rapper TI.
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