THE Securities and Exchange Commission (SEC) has penalized Kim Kardashian for touting a crypto coin without disclosing that she was paid to promote it.
The Keeping Up With the Kardashians alum will pay $1.26million in fees to settle after breaking U.S. rules in the exchange. According to the SEC, Kim, 41, was reportedly paid $250,000 to post on her Instagram account about EMAX tokens, crypto created by EthereumMax.
She has yet to confirm or deny the allegations amid the ongoing case. The SEC has required that celebrities and influencers make it clear if they are getting paid to promote specific cryptocurrencies to their fans.
In a statement made on Monday, SEC Chairman Gary Gensler explained: “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean that those investment products are right for all investors.
Read more on thesun.co.uk
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