Because of cryptocurrency advertising
Kim Kardashian has to pay a million dollar fine
Kim Kardashian fined $1.26 million
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Kim Kardashian has been fined millions for promoting a cryptocurrency without disclosing how much money she received.
Juicy punishment for Kim Kardashian (41): The influencer and reality TV actress has to pay 1.26 million US dollars (about 1.27 million euros). The reason: The 41-year-old advertised a cryptocurrency on her Instagram account without disclosing how much money she received in return. The US Securities and Exchange Commission has therefore filed charges as stated in a statement.
Kardashian agreed to pay the $1.26 million and stop promoting cryptocurrencies for three years. According to the SEC, the amount consists of a fine of one million US dollars and compensation of around 260,000 US dollars. The latter is equal to the amount of money she received for the advertisement – $250,000 – plus interest.
SEC Chairman: ‘Ms. Kardashian’s case serves as a reminder for celebrities’
The influencer had advertised the EMAX cryptocurrency on the EthereumMax website in an Instagram post. SEC Chairman Gary Gensler, 64, said in a statement: “Ms. Kardashian’s case serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are being paid for to encourage investment in securities.” Gurbir Grewal, 49, director of the SEC’s Enforcement Unit, added, “Investors have a right to know whether advertisements for a security are unbiased, and Ms. Kardashian has failed to disclose that information.”