The US Securities and Exchange Commission (SEC) fined Kim Kardashian $ 1.26 million for advertising cryptocurrencies on social networks without indicating that she was paid for promotion.
The agency also banned the reality TV star and entrepreneur from advertising any cryptocurrency for the next three years.
The SEC press release notes that Kardashian advertised the EthereumMax token, without indicating that she received a reward of $250 thousand for posting the post.
Kardashian told about EthereumMax last year in a post on her Instagram account (the social network belongs to an organization banned in Russia).
“This is not financial advice, but I’m just sharing what my friends told me about EthereumMax tokens,” she wrote, adding to the message a link to a resource where you can purchase the mentioned assets.
Kardashian received a fine, pledged to cooperate with the investigation and not advertise cryptocurrencies for three years.
The head of the SEC, Gary Gensler, whose words are quoted in the message, urged investors to assess investment risks and opportunities based on their financial goals.