Kim Kardashian has been fined over £1m for promoting cryptocurrency on social media, without revealing that she was paid for doing so.
The reality TV star settled a case with the US Securities and Exchange Commission (SEC) last summer after talking about a token sold by EthereumMAX on Instagram.
In a post to her 225 million followers, she asked ‘Are you guys into crypto’? and provided a link to the EthereumMax website. But she failed to disclose that she was paid £220,000 to do so – landing her in hot water with regulators.
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The Fine: Reality TV star Kim Kardashian (pictured) settled a case with the US Securities and Exchange Commission after touting a token sold by Ethereum Max on Instagram
SEC Chairman Gary Gensler said: ‘This case is a reminder that, while celebrities or influencers endorse investment opportunities including crypto asset securities, it does not mean that those investment products are right for all investors. .
‘Miss Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to publicly disclose when and how much they are paid to promote investments in securities.
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Investors are entitled to know whether the promotion of a security is unbiased, and Miss Kardashian failed to disclose this information.’
Kardashian did not admit or deny any wrongdoing, but agreed to pay £1.1 million to settle the matter with the SEC.
She also agreed not to promote any crypto assets for three years. Her lawyer Michael Rhodes said: ‘She wanted to take the matter behind her.’