Kim Kardashian has agreed to settle expenses introduced by the Securities and Trade Fee and pay $1.26 million for selling the cryptocurrency on social media with out disclosing the funds acquired for the plug.
The SEC mentioned Monday that actuality TV stars and entrepreneurs have agreed to cooperate with its ongoing investigation.
The SEC mentioned Kardashian didn’t disclose that she was paid $250,000 for publishing a publish on her Instagram account about eMax tokens, a crypto asset safety supplied by Ethereummax.
Kardashian’s publish contained a hyperlink to the EthereumMax web site, which supplied directions for potential buyers to buy EMAX tokens.
“Federal securities legal guidelines are clear that any celeb or different individual selling crypto asset safety should disclose the character, supply and quantity of compensation acquired in trade for the promotion,” mentioned Gurbir Grewal, director of the SEC’s Division of Enforcement. mentioned in a ready assertion.
The Kardashians have agreed to not promote any crypto asset securities for 3 years.
Whereas Kardashian is known for actuality TV, at the moment showing on “The Kardashians” on Hulu, she can also be a profitable businesswoman. Her manufacturers embrace SKIMS, which has shapewear, loungewear, and different merchandise, and a skincare line referred to as SKKN.
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