Kim Kardashian has reached an agreement to file charges of illegally disclosing a cryptocurrency security and will pay $1.26 million in fines, restitution and interest, the United States Securities and Exchange Commission said. SEC) this Monday (3).
The SEC said in a statement that reality TV star and influencer Kardashian did not disclose that she received $250,000 for a post about EMAX tokens, the crypto asset security offered by EthereumMax, on her account. from Instagram.
“This case is a reminder that when celebrities or influencers endorse investment opportunities, including cryptocurrency securities, it does not mean that these investment products are suitable for all investors,” said Gary Gensler, chairman of the SEC.
The US regulator also accused former boxer Floyd Mayweather Jr. and music producer DJ Khaled in November 2018 for allegedly not disclosing payments they received to promote investments in initial coin offerings.
Mayweather and Khaled Mohamed Khaled did not admit or deny the SEC’s charges, but agreed to pay the full amount of $767,500 in fines and penalties.