Includes fines to be paid by the influencer One million dollars in fines and $260,000 in restitution.
Study Time: 1 minute.
He praised a cryptocurrency on Instagram, without mentioning that he got paid to do so. allowed, Kim Kardashian has agreed to pay a $1.26 million fine, Wall Street watchdog the SEC announced Monday (October 3). The authority specifically alleges that the reality TV star, influencer and entrepreneur promoted EMAX tokens, a cryptocurrency asset sold on EthereumMax.
The fine includes a $1 million fine and $260,000 in restitution that reflects Kim Kardashian’s disbursements and interest. The ex-wife of American rapper Kanye West, who agreed to cooperate with the SEC, also pledged not to develop cryptocurrency assets for three years.
In the offending message he posted in June 2021, he wrote in capital letters: “Do you like crypto??? This is not financial advice, but I’m sharing with you what my friends told me about EthereumMax token!”
“This case is a reminder that when celebrities or influencers promote investment opportunities, including cryptocurrency assets, that doesn’t necessarily mean those investment products are good for all investors.”SEC boss Gary Gensler said. “We encourage investors to consider the potential risks and opportunities of investment in light of their financial objectives”he added.
According to Forbes, Kim Kardashian’s net worth is $1.8 billion. He has 331 million followers on Instagram.