Kim Kardashian Fined Over Rs10 Lakh By America For Promoting Cryptocurrency- Deets Inside
America fined media personality, socialite, model, and businesswoman Kim Kardashian. Allegedly, the supermodel posted on Instagram, which broke US laws on social media. The US Securities and Exchange Commission has filed a complaint against Kim. Model and television actress Kim has been fined a large sum of money which is worth about 10 lakh rupees in Indian currency.
She has been fined over Rs 10 lakh for illegally promoting an illegal Crypto investment scheme on her Instagram account. The US Securities and Exchange Commission (SEC) has clarified that under federal law, any celebrity or other person who promotes the security of Crypto assets must disclose the source, nature, and amount of compensation received in exchange for the promotion. Failure to do so will result in legal charges against them.
The US SEC revealed that Kardashian failed to disclose the amount she was charged for the posts. She is said to have been paid around $250,000 to advertise the cryptocurrency through her social media channels. The filing states that Kardashian is accused of promoting the EMAX token, offered and sold by EthereumMax, without disclosing the money she received for the social media promotion. Her Instagram story said, “ARE YOU GUYS INTO CRYPTO????”
Today we announced charges against Kim Kardashian for promoting a crypto security offered by EthereumMax without disclosing the payment she received for the promotion.
Kardashian agreed to settle the charges, pay $1.26 million, and cooperate with the investigation.
— U.S. Securities and Exchange Commission (@SECGov) October 3, 2022
SEC Chair Gary Gensler said, “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it doesn’t mean that those investment products are right for all investors. Kardashian had violated the federal securities laws’ anti-touting clause.”
This is not the first time that US authorities have accused celebrities of illegally promoting cryptocurrency. Boxer Floyd Mayweather, rap star DJ Khaled, actor Steven Seagal and rapper T.I., some names have been arrested for not disclosing payment details for promoting crypto on their social platforms.
