NEW YORK, N.Y. (AP) – The long list of celebrities promoting cryptocurrencies just got shorter.
Kim Kardashian is being barred from doing so for three years – and will pay a $1 million fine – to settle federal charges that she recommended a crypto security to her 330 million Instagram followers without making clear that she was paid to do so.
The reality TV star also must give up the $250,000 she was paid for the Instagram post about Ethereum Max tokens, plus interest.
That’s according to a Securities and Exchange Commission settlement announced Monday.
Kardashian is the latest celebrity to get ensnared in regulations that require full disclosure by people getting paid to promote financial products.