The US agency accused Kim Kardashian not to disclose that she had been paid to publish about the EMAX tokens, cryptographic assets offered by EthereumMax.
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The SEC said the fine includes a penalty of a million dollarsMore 260 thousand which represents the amount charged by Kardashian with interest.
The influencer has 331 millions of followers and is one of the ten most popular people on the platform.
“This case is a reminder that when celebrities or influential people endorse investment opportunities, including cryptocurrency assets, it does not mean that these investment products are suitable for all investors,” says SEC Chairman Gary Gensler in the report .
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“We encourage investors to consider the potential risks and opportunities of an investment in light of their own financial objectives,” he adds.
Kim Kardashian's lawyers said she is pleased to have resolved this matter with the SEC and that she wants to put this case behind her to avoid a prolonged conflict.
Source: AFP
