Kim Kardashian Pays $1.26 Million For Crypto Ads, Not To Say She Was Paid To Do So

The US government announced today that celebrity Kim Kardashian will pay over $1 million to settle a crypto-related case. Securities and Exchange Commission said in a New information posted that Kardashian will pay $1.26 million in fines and other fees for claiming she used her social media clout to promote the security of crypto assets from EthereumMax without tells fans that she gets paid to promote it.

Kardashian has not admitted or denied any of the SEC’s claims and is paying $1.26 million to settle the case. She also agreed not to promote anything crypto-related for three years.

The SEC said Kardashian was paid $250,000 for an Instagram post publicizing the EMAX token without disclosing exactly that she was being paid for it. Kardashian has over 330 million followers on Instagram, so her reach is really huge.

The SEC’s Gary Gensler said the case should be a reminder to people that they should do their own research. “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, they do not mean products,” Gensler said. that investment product is suitable for all investors”.

Gensler added: “Miss 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 paid to promote investments. into stocks.”

Federal securities laws require that anyone promoting the security of crypto-assets is required to disclose the “nature, source, and amount of compensation they receive” for such advertising.

“Investors are entitled to know whether the disclosure of securities is unbiased and Ms. Kardashian has not disclosed this information,” said SEC Enforcement boss Gurbir S. Grewal.

Kardashian has her own video game, Kim Kardashian: Hollywood, developed by GluMobile. EA acquired the company for over $2 billion in 2021 because Mobile games are bigger than console and PC games.

Fact Check: What is the real state of blockchain and NFT in video games?

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