Kim Kardashian Pays $1.3 Million to Settle Crypto Charges

Kim Kardashian has agreed to pay $1.26 million to settle charges with the U.S. Securities and Exchange Commission for promoting a cryptocurrency without disclosing that she was paid to do so.

The US Securities and Exchange Commission said on Monday the reality TV star failed to disclose a $250,000 payment she received to post about crypto security tokens sold by EthereumMax on her Instagram account, which has 331 million followers.

Last year, Kardashian asked her then 225 million followers, “Are you into crypto???” in an Instagram post that drew attention to EthereumMax, a new coin at the time.

SEC Chairman Gary Gensler said: “This case is a reminder that when celebrities or influencers endorse investment opportunities, including crypto-asset securities, it does not mean that these investment products are suitable for all investors.”

Kardashian - who has neither admitted nor denied the SEC's findings - violated the anti-touting provisions of U.S. securities laws, the agency said.

An attorney representing Kardashian did not immediately respond to requests for comment.