Kim Kardashian charged by SEC over Instagram post on crypto asset security, agrees to pay $1.26 million fine

LOS ANGELES — Kim Kardashian has agreed to pay fees levied by the Securities and Exchange Commission and pay $1.26 million for promoting a cryptocurrency on social media without disclosing the payment she received for the plug.

The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation.

The SEC said Kardashian failed to disclose that she was paid $250,000 to publish a post on her Instagram account via EMAX token, a crypto-asset security offered by EthereumMax.

Kardashian’s post included a link to the EthereumMax website, which provided instructions for potential investors to buy EMAX tokens.

“Federal securities laws require that any celebrity or other person promoting a crypto asset security must disclose the type, source and amount of compensation received in exchange for the promotion,” Gurbir Grewal said , director of the SEC’s Division of Enforcement, said in a prepared statement.

Kardashian has agreed not to endorse cryptocurrency securities for three years.

While Kardashian is known for reality TV and currently appears on Hulu’s The Kardashians, she’s also a successful businesswoman. Their brands include SKIMS, which offers shapewear, loungewear and other products, and a skincare line called SKKN.

Copyright © 2022 by The Associated Press. All rights reserved.

https://6abc.com/kim-kardashian-charged-securities-and-exhange-commission-126-million-cryptocurrency/12290511/ Kim Kardashian charged by SEC over Instagram post on crypto asset security, agrees to pay $1.26 million fine

Alley Einstein

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