U.S. Securities and Exchange Commission(SEC) accused Kim Kardashian of advertising illegal crypto assets.
For launching a crypto-asset security offered and sold by EthereumMax on social media Kim Kardashianfiled charges against him.
SEC Accuses Kim Kardashian of Illegal Crypto Advertisement
SEC on Kim Kardashian’s Instagram account EthereumMaxHe found that he was paid $250,000 to publish a post about the crypto-asset security EMAX tokens offered by
Kardashian’s post included a link to the EthereumMax website, which provides potential investors with instructions to purchase EMAX tokens.
Kardashian, not dismissing the SEC’s findings, agreed to pay the aforementioned $1.26 million, including approximately $260K representing the promotional payout, plus advance judgment interest and a $1 million penalty. Kardashian also agreed not to promote any crypto-asset securities for three years.
SEC Chairman Gary Genslersaid the following on the subject:
“This case is a reminder that when celebrities or influencers promote investment opportunities, including crypto-asset securities, it does not mean that these investment products are right for all investors. We encourage investors to evaluate the potential risks and opportunities of an investment in light of their own financial goals.”
