Kim Kardashian has been charged by the U.S. Securities and Exchange Commission (SEC) for promoting a cryptocurrency on social media and failing to state how much she was paid for it.
The reality star agreed to pay a €1.26million penalty and cooperate with the case for touting EMAX tokens on her Instagram account.
Kim was paid $250,000 to endorse the cryptocurrency.
SEC has said that anyone promoting crypto assets must outline how much compensation they received.
Today we announced charges against Kim Kardashian for promoting a crypto security offered by EthereumMax without disclosing the payment she received for the promotion.
Kardashian agreed to settle the charges, pay $1.26 million, and cooperate with the investigation.
— U.S. Securities and Exchange Commission (@SECGov) October 3, 2022