American media Personality, Kim Kardashian has reportedly settled a fee of $1.26 million, including charges from the Securities and Exchange Commission, SEC.
The reality television star failed to tell her followers she was paid to promote a crypto asset.
The SEC announced Kim was allegedly paid $250,000 to post about EMAX tokens on Instagram.
EMAX tokens are a crypto asset offered by EthereumMax, which Kim promoted with a link to the EthereumMax website.
Meanwhile, Kim, who has already paid the SEC $1.26 million in penalties, disgorgement, and interest, is also cooperating in the SEC’s ongoing investigation.
SEC Chair Gary Gensler said:
“Ms. Kardashian’s case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities.”