KimKardashian found herself in hot water with the SEC after posting a story on her social media accounts.
The post had a link to a website where people could find out if they were into thecryptocurrencies. This is not financial advice, but sharing what my friends have told me about the ethereum max token. Half of the admin wallet of the company was burned in a few minutes to give back to the community.
The SEC said on Monday that she failed to disclose how much she was paid for the post on her social media accounts.
She only included the #Ad at the bottom of the post and didn't mention how much she was paid.
Disclosures like "#Ad" can be used to tell the audience that a post is sponsored or paid for, but the disclosure requirements for promoting cryptocurrencies and token are more stringent.
According to the SEC's enforcement division, any celebrity who promotes acryptocurrencies must reveal the nature, source, and amount of compensation they received. Ms.Kardashian failed to tell investors that the publicity of a security is biased.
The agency said that Kim was paid $250,000 to publish the post. She will pay over a million dollars to resolve the charges. She agreed not to promote anycryptocurrencies for 3 years.
As part of the settlement, he didn't admit to or deny the allegations.
"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," her lawyer said. She reached an agreement with the SEC that will allow her to move forward with her various business interests.
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