The reality TV star and influencer, Kim Kardashian has agreed to pay the US Securities and Exchange Commission $1.26 Million charges for illegitimate crypto promotion.
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Kim Kardashian to Pay $1.26 Million for Unlawful Touting Crypto Security
As per SEC release, Kim Kardashian shared a promotional content on her Instagram page regarding Emax token in 2021 that contains links to EthereumMax website and provided instructions for potential investors to buy EMAX token, a crypto asset security offered by EthereumMax.
Meanwhile, the US federal stated clearly that any celebrity or individual who promotes crypto security must disclose the nature, source, and amount of compensation they received in exchange for the promotion.
Kardashian however received a sum of $250,000 for promoting the content through her Instagram handle which she refused to disclose and as a result of this, she faces SEC charges of over $1 million including approximately $260,000 in disgorgement, which represents her promotional payment, plus prejudgment interest, and a $1,000,000 penalty, in addition to this, she will not promote any crypto-related content on her page for the next three years.
“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,” said SEC Chair Gary Gensler. “We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.”
“Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities,” Chair Gensler added.
Also, in addition to this, SEC chair Gary Gensler published a video telling investors not to make investment decisions based on recommendations from celebrities.
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