Kim Kardashian has agreed to settle fees introduced by the Securities and Exchange Commission and pay $1.26 million for selling a cryptocurrency on social media with out disclosing the cost she acquired for the plug.
The SEC stated Monday that the truth TV star and entrepreneur has agreed to cooperate with its ongoing investigation.
The SEC stated Kardashian did not disclose that she was paid $250,000 to publish a publish on her Instagram account about EMAX tokens, a crypto asset safety being supplied by EthereumMax.
Kardashian’s publish contained a hyperlink to the EthereumMax web site, which supplied directions for potential buyers to buy EMAX tokens.
“The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” Gurbir Grewal, director of the SEC’s division of enforcement, stated in a ready assertion.
Kardashian has agreed to not promote any crypto asset securities for 3 years.
While Kardashian is well-known for actuality television, at the moment showing on “The Kardashians” on hulu, she can also be a profitable businesswoman. Her manufacturers embody SKIMS, which has shapewear, loungewear and different merchandise, and a skincare line known as SKKN.
Source: www.bostonherald.com”