Kim Kardashian faces record £1.1million fine over payments from crypto scheme

Kim Kardashian will fork out millions of pounds in fines to a US watchdog for her role in promoting a cryptocurrency last year.

The reality TV star and billionaire reportedly failed to share that she had accepted $250,000 (£223k) in payments from crypto firm EthereumMax to promote its tokens on her Instagram page.

She published an Instagram post with a link to a website giving instructions on how to purchase the tokens and said she had been told about it by 'friends', claiming the post was "not financial advice".

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However, it turns out that Kardashian was paid a fee to promote the crypto tokens and failed to tell the US government, which watchdog SEC says is illegal.

SEC chair Gary Gensler said: "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. We encourage investors to consider an investment's potential risks and opportunities in light of their own financial goals."

"Ms Kardashian's case also serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities."

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Ms Kardashian will face a $1 million penalty on top of being forced to pay back the $260,000 she accepted from EthereumMax.

Kim Kardashian is extremely wealthy, and even has a $150million private plane that's been fully customised to her tastes.

The 'KimAir' jet seats 18 and Kim reportedly demands that the interior is pristine, going as far as to ban her sister Kendall Jenner from boarding the plane after a three hour spray tan because of the 'cashmere seats'.


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