Kim Kardashian has agreed to pay $1.26 million for hailing cryptocurrency on her Instagram account without indicating that she was paid for it, a Wall Street policeman announced Monday.
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The authority specifically accuses the reality TV star, influencer and entrepreneur of publicizing the origin of the cryptocurrency, EMAX tokens, which was sold on EthereumMax, failing to indicate that it received $250,000 from the platform for the operation.
The fine includes a $1 million fine plus an adjustment of $260,000 representing the amount Mrs. Kardashian received and the interest.
The ex-wife of rapper Kanye West, who has agreed to cooperate with the Securities and Exchange Commission, has also vowed not to promote crypto assets for three years.
“This case is a reminder that when celebrities or influencers promote investment opportunities, including crypto assets, this does not mean that these investment products are good for all investors,” Gary Gensler said in a statement.
“We encourage investors to consider the potential risks and opportunities of investing in light of their financial goals,” Gensler added.
According to Forbes magazine, Ms. Kardashian’s personal fortune is $1.8 billion. She has 331 million followers on Instagram.
Already in the world of makeup and lingerie sculpting, private equity firm SKKY Partners launched in early September with Jay Simmons.
Other celebrities in the past have been arrested by US authorities for illegal promotion of cryptocurrency, including boxer Floyd Mayweather, rap star DJ Khaled, actor Steven Seagal and rapper TI.
