Kardashian fined $1.26 million for advertising cryptocurrency
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The Securities and Exchange Commission accused TV presenter, actress and blogger Kim Kardashian of hiding the fee for advertising the cryptocurrency EthereumMAX. She agreed to settle the situation by paying $1.26 million.
AT press release The commission was told that Kardashian did not report the $250,000 she received for posting a message about EMAX tokens in her account. The post contained a link to the company’s website.
“Ms. Kardashian’s case serves as a reminder to celebrities and others that the law requires disclosure to the public of when and how much they are paid to promote investment in securities,” SEC Chairman Gary Gensler said.
He also urged investors not to consider potential risks and investment opportunities based solely on recommendations from celebrities or influencers. Gary Gensler emphasized that their approval does not mean that investing in crypto-asset securities is suitable for all investors.
The actress was punished for violating a federal securities law that prohibits advertising. The amount of the fine included compensation for the advertising revenue she received, interest and a fine of one million dollars. Kardashian also agreed not to advertise the cryptocurrency for three years.
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