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Kim Kardashian fined $1 million by SEC over crypto promotion

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The long list of celebrities promoting cryptocurrencies just got shorter.

Kim Kardashian is being barred from doing so for three years — and will pay a $1 million fine — to settle federal charges that she recommended a crypto security to her 330 million Instagram followers without making clear that she was paid to do so. The reality TV star also must give up the $250,000 she was paid for the Instagram post about Ethereum Max tokens, plus interest. That’s according to a Securities and Exchange Commission settlement announced Monday.

Kardashian is the latest celebrity to get ensnared in regulations that require full disclosure by people getting paid to promote financial products.

 

Source: AP – All contents copyright 2022 Associated Press.  All rights reserved.

 

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