American Model and TV star Kim Kardashian has been fined $1 million. This fine was imposed on him for promoting cryptocurrency. He did not say in the cryptocurrency promotional post that it was a pad promotion. Kim will also have to return $25,000 with interest. He received this fee for the Ethereummax cryptocurrency promotional post. Additionally, they will not promote any cryptocurrency or related securities for the next 3 years.
Kim Kardashian posted a link to crypto site Ethereummax in her Instagram post, writing, “Love crypto????” Through this post, he advised investors to buy the EMAX currency. He further wrote in his post, “My friends shared what they told me about the Ethereummax token!”
Kim included the hashtag ad in her post, making it look like a pad promotion. Nevertheless, the United States Securities and Exchange Commission (SEC) fined him for breaking the law. Because celebrities are required to disclose the nature, source and amount of compensation for advertisements related to investing in Kipto, but Kim did not.
Kim Kardashian agreed to pay the fine. His lawyer told the BBC that Kim did not want to get unnecessarily caught up in a long argument and did not want to prolong it. “Kim can be involved in a lot of different business activities under the deal she has with the SEC,” he said.
Let us tell you that Kim Kardashian has millions of followers all over the world on Instagram. He has a huge reach on Insta. As of October 4, the number of his followers is 331 million. Whereas in June last year, when he posted a cryptocurrency-related post, he had 220 million followers.
Tags: kim kardashian
FIRST POST: October 05, 2022, 12:37 PM HST