Kim Kardashian Fined $1 Million By SEC Over Crypto Promotion
Newsy
The reality TV star was fined for promoting Ethereum Max tokens on Instagram without making clear to followers that she was paid to do so.
The long list of celebrities promoting cryptocurrencies just got shorter. Kim Kardashian is being barred from doing so for three years — and will pay a $1 million fine -- to settle federal charges that she recommended a crypto security to her 330 million Instagram followers without making clear that she was paid to do so.
The reality TV star also must give up the $250,000 she was paid for the Instagram post about Ethereum Max tokens, plus interest, according to a Securities and Exchange Commission settlement announced Monday.
Kardashian is the latest celebrity to get ensnared in regulations that require full disclosure by people getting paid to promote financial products.
