American Model and TV star Kim Kardashian has been sentenced to pay a fine of $1 million. This fine has been imposed on him for promoting crypto currency. He did not tell in the promoting post of crypto currency that it is pad promotion. Kim will also have to return $25,000 with interest. He got this fee for the promotional post of Ethereum Max crypto currency. Apart from this, they will not promote any crypto currency or securities related to it for the next 3 years.
Kim Kardashian wrote in her Instagram post, giving a link to EthereumMax Crypto’s site, “Are you guys into crypto????” Through this post, he advised investors to buy EMAX currency. He further wrote in his post, “My friends share what they told me about EthereumMax Token!”
Kim included the hashtag ad in his post, which gives the impression of being a pad promotion. Nevertheless, the US Securities and Exchange Commission (SEC) fined him for violating the law. Because celebs are required to disclose the nature, source and amount of compensation for advertisements related to investment in crypto, but Kim did not do so.
Kim Kardashian ready to pay fine
Kim Kardashian has agreed to pay the fine. His lawyer told the BBC that Kim does not want to unnecessarily get involved in a long dispute and does not want to prolong it. He said, “Under the deal that Kim has with the SEC, she can participate in many different business activities.”
Kim’s big followers
Let us tell you that Kim Kardashian has crores of followers from 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. While in June last year when he posted a post related to crypto currency, he had 220 million followers.
Tags: kim kardashian
FIRST PUBLISHED : October 05, 2022, 12:37 IST
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