Kim Kardashian hit by huge $1.3m fine over cryptocurrency ads on Instagram

ok.co.uk:

Kim Kardashian will pay a $1.26m (£1.12m) fine after advertising the cryptocurrency EthereumMax on Instagram. Kim, 41, received $250,000 for advertising the cryptocurrency, but did not disclose that she had been paid to tout the crypto asset, it has been revealed.

She has now settled the charges with the US Securities and Exchange Commission (SEC), and has agreed not to advertise any cryptocurrencies within the next three years.

Gary Gensler, Chair of the SEC released a statement saying: “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.” In a YouTube video he warns: “Celebrity endorsements...

don't mean that an investment product is right for you or even, frankly, that it's legitimate. “Even if a celebrity endorsement is genuine, each investment has its own risk and opportunities.” In a statement issued to the BBC, Kim’s lawyer says: “Ms Kardashian is pleased to have resolved this matter with the SEC. “Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter.