Kim Kardashian has agreed to settle charges brought 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.
Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.
“The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” Gurbir Grewal, director of the SEC’s division of enforcement, said in a prepared statement.
Kardashian has agreed to not promote any crypto asset securities for three years.
While Kardashian is well known for reality tv, currently appearing on “The Kardashians” on Hulu, she is also a successful businesswoman. Her brands include SKIMS, which has shapewear, loungewear and other products, and a skincare line called SKKN.
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