Kim Kardashian has been fined $1 million over a crypto post

Kim Kardashian has been fined $1 million for promoting a crypto security on Instagram without fully disclosing that she was paid to do so.

Kim Kardashian for promoting EthereumMax on social media without disclosing that she had been compensated for the promotion. - The United States Securities and Exchange Commission (SEC).

She cannot promote any crypto asset securities for three years..

Kim Kardashian crypto post in June last year, she had 220 million followers.

Commenting on the settlement, SEC Chairman Gary Gensler stated, “This case is a reminder that, when celebrities or influencers endorse investment opportunities, including crypto asset securities, it doesn’t mean that those investment products are right for all investors.