Kim Kardashian has run afoul of the Securities and Exchange Commission (SEC) over a crypto promotion.
The star was fined $1.3 million for promoting the crypto token EthereumMax on her Instagram page, without disclosing that it was a paid promotion.
As part of the settlement, Kardashian is banned from promoting any digital assets for three years.
SEC Chair Gary Gensler said “when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors”.
She was fully cooperative in the case and reached the agreement to move on “with her many different business pursuits,” her lawyer, Michael Rhodes, said in a statement.
Kim Kardashian neither admitted or denied the SEC allegations of touting crypto without disclosing compensation.
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