Reality star Kim Kardashian has been fined $ 1 million by the U.S. Securities and Exchange Commission (SEC) for recommending crypto security to her 330 million Instagram followers without making clear that she was paid to do so.
The SEC said the reality TV star had received $250,000 for advertising EMAX tokens, the crypto asset security being offered by EthereumMax.
According to SEC, the fine includes a three-year ban on crypto promotion, and also a penalty of $1 million plus $260,000, representing the amount Kardashian paid plus interest, and the s the SEC said in a statement.
As stated by her lawyer, She also agreed not to promote crypto asset securities for three years. "Ms Kardashian is pleased to have resolved this matter with the SEC. she has fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter.
"She wanted to get this matter behind her to avoid a protracted dispute.
"The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits." - The lawyer noted
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