Kim Kardashian Was Fined More Than $1 Million by the SEC—Here’s Why
glamour.comand paid a fine because her cryptocurrency influencing was not exactly legal. The and paid the Security and Exchange Commission (SEC) a fine of $1.26 million to settle a dispute over an ad for cryptocurrency EthereumMax she posted on Instagram.
reports that the SEC charged with “failure to disclose that she was paid $250,000 to publish her Instagram post.” According to the SEC, Kardashian “violated the anti-touting provision of the federal securities laws.” Kardashian posted the ad for EthereumMax on Instagram Stories in June of 2021.
In the post, Kardashian wrote, “Are you guys into crypto? This is not financial advice but sharing what my friends told me about the ethereum max token!” You can see a screenshot of the IG Story over on The Story also included the hashtag #disrupthistory.
At the time the story was posted, the SEC says that Kardashian had 225 million followers. Kardashian has agreed to pay the fine, and she has also agreed to participate in the SEC’s ongoing investigation in addition to returning the $250,000 she made from posting the ad.
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