Kim Kardashian has been fined after failing to disclose that she was paid $250,000 (£222,000) to post an Instagram about crypto.
The Securities and Exchange Commission (SEC) announced charges against Kim for promoting crypto asset security offered and sold by EthereumMax without disclosing the payment she received for showcasing them.
The businesswoman has agreed to settle the charges and will pay $1.26million (£1.1million) in penalties, disgorgement, and interest, and cooperate with the Commission’s ongoing investigation.
The SEC’s order finds that Kim failed to announce that she was paid $250,000 to publish a post on her Instagram account about EMAX tokens, the crypto asset security being offered by EthereumMax.
Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.
‘This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors,’ SEC Chair’s Gary Gensler said in a statement.
‘We encourage investors to consider an investment’s potential risks and opportunities in light of their own financial goals.’
Kim has agreed not to promote any crypto assets for three years.
The news comes one week after Kim said she is not looking to date following her split from Pete Davidson this summer after nine months together and her divorce from Kanye West last year.
During an appearance on Live With Kelly And Ryan, the presenters tried to give her advice, saying she needs to date a fellow ‘titan’ in their field, assuring her that ‘he is out there.’
‘I’m just not ready,’ Kim said, after confirming that she is, in fact, single.
The mum-of-four added: ‘You know what, I did say before, maybe I should try to date a doctor or a scientist or something,’ joking that ‘a bunch of attorneys’ might want to ‘reach out’ to her while she finishes law school.
But, Kim quickly clarified: ‘I’m not looking for anything.’
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