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Kim Kardashian has agreed to pay more than $1 million in fines for failing to release paid social media ads for cryptocurrencies.
Securities and Exchange Commission Announcement In today’s press release, Kardashian received $250,000 to share on her Instagram account a post promoting EMAX tokens for sale on EthereumMax.
She did not disclose that she had been paid for her endorsements in violation of anti-advertisement and propaganda laws.
The SEC did not acknowledge or deny the findings of the investigation, saying that Kardashian had agreed to settle the charges by paying a total of $1.26 million. Her fine is divided into a $1 million fine and a fine of about $260,000 plus interest on the payments she received.
She also cooperated with the SEC’s ongoing investigation and agreed not to promote cryptocurrencies for three years.
“Federal securities laws require that celebrities or other individuals promoting crypto asset security disclose the nature, source, and amount of compensation received in exchange for the promotion,” said Gurbir S. Grewal, Director of the SEC Department. said in his press release. “Investors have the right to know whether the promotion of their securities is unbiased, and Kardashian has not disclosed this information.”
Celebrities and influencers promoting potentially dangerous crypto assets have been identified by the Commission as follows: widespread problemSEC Chairman Gary Gensler also said Kardashian’s punishment should be a warning to his colleagues.
“This event is a reminder that just because a celebrity or influencer endorses an investment opportunity, including crypto-asset securities, doesn’t mean that an investment product is suitable for all investors,” Gensler said. “We encourage investors to consider the potential risks and opportunities of investing in light of their financial goals.”
in follow-up video In sharing to better illustrate this topic, Gensler warned investors not to base their investment strategies on recommendations from celebrities and influencers.
“Even if celebrity recommendations are genuine, each investment has its own risks and opportunities and may not fit your investment needs,” he said. “The incentives of celebrities or influencers do not necessarily match yours.”
In a statement provided to BuzzFeed News, Kardashian’s attorney said, “Ms. Kardashian is delighted to have resolved this issue with the SEC. Kardashian has worked fully with the SEC from the beginning and she will do everything she can to help the SEC. “She wanted to leave this issue behind and avoid a long-term dispute. The deal she has with the SEC allows her to pursue a variety of businesses.”
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