Kim Kardashian has agreed to pay $1.26 million to settle Securities and Exchange Commission charges that she promoted a cryptocurrency on Instagram without disclosing she’d been paid $250,000 to do so.
The SEC said Monday that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation.
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The SEC said Kardashian failed to disclose that she was paid to publish a post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax.
Kardashian’s post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.
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“The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion,” Gurbir Grewal, director of the SEC’s division of enforcement, said in a prepared statement.
Kardashian has agreed to not promote any crypto asset securities for three years.
The Associated Press was not immediately able to reach Kardashian for comment.
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While Kardashian is well known for reality TV, currently appearing on “The Kardashians” on hulu, she is also a successful businesswoman. Her brands include SKIMS, which has shapewear, loungewear and other products, and a skincare line called SKKN.
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