American star Kim Kardashian fined 1.26 million euros for fraudulently promoting a cryptocurrency

The fine due by the influencer includes a penalty of one million dollars and a remedy of $260,000.

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She had praised a cryptocurrency on Instagram, without mentioning that she was paid to do so. Sanctioned, Kim Kardashian has agreed to pay a $1.26 million fine, Wall Street constable the SEC announced on Monday (October 3). The authority specifically accuses the reality TV star, influencer and businesswoman of advertising a cryptocurrency asset, EMAX tokens, sold on EthereumMax, failing to report that she was paid 250,000 dollars by the platform for this operation.

The fine includes a penalty of one million dollars as well as an adjustment of 260,000 dollars which represents the sum received by Kim Kardashian and interest. The ex-wife of American rapper Kanye West, who agreed to cooperate with the SEC, also pledged not to promote cryptocurrency assets for three years.

In the offending message that she had published in June 2021, she wrote, all in capital letters: “Do you like crypto??? This is not financial advice but I’m sharing with you what my friends just told me about the EthereumMax token!”

“This case is a reminder that when celebrities or influencers promote investment opportunities, including cryptocurrency assets, that doesn’t mean those investment products are good for all investors.”said SEC boss Gary Gensler. “We encourage investors to consider the potential risks and opportunities of an investment in light of their financial objectives”he added.

According to Forbes, Kim Kardashian’s personal fortune is $1.8 billion. She has 331 million followers on Instagram.

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