SEC Charges Kim Kardashian $1.26 Million
Kim Kardashian to Pay $1.26 Million for Unlawful Touting Crypto Security
As per SEC release, Kim Kardashian shared a promotional content on her Instagram page regarding Emax token in 2021 that contains links to EthereumMax website and provided instructions for potential investors to buy EMAX token, a crypto asset security offered by EthereumMax.
The reality TV star and influencer, Kim Kardashian has agreed to pay the US Securities and Exchange Commission $1.26 Million charges for illegitimate crypto promotion.
Crypto scrutiny is on the rise by financial watchdogs, this, of course, is an indication that more investors will be getting more interested in the space as more regulators’ scrutiny will render crypto a more trusted security, be miles ahead of others through the information and education from experts that will propel you ahead of others.
Meanwhile, the US federal stated clearly that any celebrity or individual who promotes crypto security must disclose the nature, source, and amount of compensation they received in exchange for the promotion.
Kardashian however received a sum of $250,000 for promoting the content through her Instagram handle which she refused to disclose and as a result of this, she faces SEC charges of over $1 million including approximately $260,000 in disgorgement, which represents her promotional payment, plus prejudgment interest, and a $1,000,000 penalty, in addition to this, she will not promote any crypto-related content on her page for the next three years.
News: https://mycryptoparadise.com/sec-charges-kim-kardashian-1-26-million-for-unlawful-crypto-promotion/
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