The reality star and businesswoman from the United States, Kim Kardashian will pay a fine of 1.26 million US dollars for his involvement in promoting a cryptocurrency scheme called EthereumMax (EMAX).
Kim recently promoted a crypto asset offered and sold by EthereumMax without disclosing the payment she received for the promotion.
The United States Securities and Exchange Commission (SEC) indicted Kardashian on October 3 for "touting on social media the security of crypto assets offered and sold by EthereumMax" without revealing the payments he received for his promotional involvement.
Kim has agreed to settle charges and pay a fine of $1.26 million, release and interest and is regulated to cooperate with further investigations by the SEC into the EthereumMax project.
The announcement noted that Kim failed to disclose the US$250,000 payment he received to publish a post on his Instagram profile promoting EMAX tokens with links to the project website.
While the case is still ongoing, she has agreed to settle to the tune of $1.26 million.
The commission stated in its Monday announcement that Kim’s settlement includes the payment she received for promoting the cryptocurrency as well as a $1 million fine.
In addition, Kim agreed to refrain from promoting any crypto asset securities for the next three years.