Highlights

Fine includes a penalty of $1 million plus $260,000, representing the amount Kardashian paid plus interest
She also agreed not to promote any crypto asset securities for three years

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Kim Kardashian pays $1.26m for unlawful crypto promo

Name: Kim Kardashian pays $1.26m for unlawful crypto promo
Uploaded: 2022-10-04T12:27:44.000+05:30
Duration: T00M49S
Channel: AFP
Description: Kim Kardashian pays $1.26m for unlawful crypto promo

Reality-star-turned entrepreneur Kardashian came to fame with the US reality show "Keeping Up With the Kardashians," which tracked the lives of her family members in Los Angeles

Updated: Sep 02, 2022 10:53

AFP

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Kim Kardashian pays $1.26m for unlawful crypto promo

US reality star Kim Kardashian has agreed to pay a $1.26 million fine after unlawfully pushing a cryptocurrency advertisment on Instagram without revealing that she was paid to do so, the Securities and Exchange Commission announced.

The agency accused Kardashian, who has 331 million followers on Instagram -- making her one of the top ten most followed people on the global social network -- of failing to disclose that she was paid $250,000 to post about EMAX tokens, the crypto asset security being offered by EthereumMax.

The fine includes a penalty of $1 million plus $260,000, representing the amount Kardashian paid plus interest, the SEC said in a statement. She also agreed not to promote any crypto asset securities for three years.