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Kim Kardashian gets fined for promoting cryptocurrency

American star Kim Kardashian agreed to pay $1.26 million for praising a cryptocurrency on her Instagram account without mentioning that she was paid to do so, the SEC announced on Monday (October 3). of Wall Street. The authority specifically accuses the reality TV star, influencer and businesswoman of having advertised a cryptocurrency asset, the EMAX token sold on EthereumMax, by failing to indicate that she had been remunerated 250,000 dollars by the platform for this operation.

The fine includes a penalty of 1 million dollars as well as a relief of 260,000 dollars which represents the sum received by Kim 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.

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

Screenshot of a graph, on the CoinMarketCap platform, showing the evolution of the price of the EMAX token, from its creation in May 2021 to October 3, 2022. CoinMarketCap

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.

Nabilla already sentenced in France

Other celebrities have been pinned in the past by US authorities for illegally promoting cryptocurrency, including boxer Floyd Mayweather, rap star DJ Khaled, actor Steven Seagal and rapper TI In France, l Influencer Nabilla Benattia was also fined 20,000 euros in July 2021 for promoting on the Snapchat social network an online trading training site specializing in the sale and purchase of bitcoins .

Projects, sometimes unsavory and always very risky, can call on celebrities and influencers to promote their cryptocurrency, when they do not use their image without their knowledge. Investors must therefore remain very vigilant, be wary of promotional messages from stars and advertising banners on the Internet and networks promising quick and easy gains.

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