In a settlement with the US Securities and Exchange Commission came the famous TV personality for the scandal with the “hidden” advertisement through her Instagram account.
Kim Kardashian will eventually pay more than a million dollars to the US Securities and Exchange Commission, following accusations of promoting cryptocurrencies through her Instagram account in 2021 and concealing her remuneration.
Breaking news: The Securities and Exchange Commission is charging Kim Kardashian with allegedly promoting a cryptocurrency on her Instagram account without disclosing how much she was paid to do so, the agency announced.https://t.co/RL8ppo7cGQ
— The Washington Post (@washingtonpost) October 3, 2022
According to an SEC announcement, celebrities must disclose when and how much they are paid to promote cryptocurrencies.
The famous TV personality and entrepreneur had concealed that she had been paid $250,000 to publish a post about EMAX, a crypto asset sold by EthereumMax. In fact, in her post she linked a link that took her followers to the company’s website, without making it clear that it was an advertisement.
That is, according to the Commission, Kardashian had violated the anti-advertising provision of the federal securities laws.
In the end, the two sides settled for $1.26 million and, according to Kardashian’s lawyer to the Daily Mail, “Kim is pleased that the matter has been resolved this way…”.
Breaking news: The Securities and Exchange Commission is charging Kim Kardashian with allegedly promoting a cryptocurrency on her Instagram account without disclosing how much she was paid to do so, the agency announced.https://t.co/RL8ppo7cGQ
— The Washington Post (@washingtonpost) October 3, 2022
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