United States Securities and Exchange Commission (SEC) fined $1.26 million (similar figure in euros) impressive and business woman Kim Kardashian For promoting a crypto asset on his Instagram account without declaring that it is a paid advertisement.
Within the scope of the sanction, Kardashian has agreed to continue cooperating with the SEC on the investigation., however, payment does not mean accepting or rejecting the facts investigated. Likewise, it will not be promoting any other crypto assets for the next three years.
According to the investigations of the United States financial regulator, Kim Kardashian has been promoted on her Instagram social network account. EMAX token offered by EthereumMax, including a link to their website to purchase. Influencer got paid $250,000 for itbut he never stated that it was an advertisement.
“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 everyone,” said SEC Chairman Gary Gensler. Said.
According to the current regulations regarding the securities of the North American country, anyone promoting crypto assets must report to whom and how much they were paid.