Kim Kardashian fined for promoting cryptocurrency

American star Kim Kardashian agreed to pay $1.26 million (almost as much in francs) for praising a cryptocurrency on her Instagram account without mentioning that she was paid to do so, announced Monday the DRY.

The Wall Street policeman more specifically accuses the reality TV star, influencer and businesswoman of having advertised a cryptocurrency asset, the EMAX tokens, sold on EthereumMax, by failing to indicate that she had was paid $250,000 by the platform for this operation.

The fine includes a penalty of 1 million dollars as well as an adjustment of 260,000 dollars which represents the sum received by Ms. Kardashian and interest.

Rapper Kanye West’s ex-wife, who agreed to cooperate with the SEC, also pledged not to promote cryptocurrency assets for three years.

“This case is a reminder that when celebrities or influencers promote investment opportunities, including cryptocurrency assets, that doesn’t mean those investment products are good for all investors,” Gary Gensler said in a statement. , the boss of the SEC.

“We encourage investors to consider the potential risks and opportunities of an investment in light of their financial objectives,” Gensler added.

According to Forbes, Ms. Kardashian’s personal fortune is $1.8 billion. She has 331 million followers on Instagram.

Already present in the world of make-up and sculpting underwear, she launched the private equity firm SKKY Partners in early September with Jay Simmons.

Other celebrities have been caught in the past by US authorities for illegally promoting cryptocurrencies, including boxer Floyd Mayweather, rap star DJ Khaled, actor Steven Seagal and rapper TI


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