Kim Kardashian has agreed to pay a $1.26 million fine for promoting EthereumMax on his own Instagram page.
The U.S. Securities and Exchange Commission, without disclosing that the reality TV star was paid $250,000 for promoting cryptocurrencies, said he received the payout.
He also agreed that he would not promote cryptocurrency securities for three years.
“Ms Kardashian is delighted to have resolved this matter with the SEC,” her lawyer told BBC News.
“From the beginning, Kardashian has cooperated fully with the SEC and remains willing to do whatever it takes to assist the SEC in this matter,” the attorney said.
“I’d like to put this issue in the past to avoid a protracted dispute,” she apparently thought.
“The settlement with the SEC has allowed her to do just that and move a lot of her business forward.
Kardashian, boxer Floyd Mayweather Jr., basketball player Paul Pierce and the creators of Ethereum Max were sued by investors in January.
The lawsuit alleges that they cooperated to “deceptively advertise and sell” cryptocurrencies in a “pump-and-dump” manner aimed at inflating prices before selling them to investors. .
Ethereum Max denied the allegations at the time.
EthereumMax, contrary to its name, has no legal or commercial affiliation with the Ethereum cryptocurrency.
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