According to an SEC press release, Kim Kardashian has been fined $1.26 million for failing to disclose a $250,000 payment she received for posting promotional content about EthereumMax on Instagram. Kardashian has also agreed not to promote any cryptocurrencies for three years.

“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,” SEC Chairman Gary Gensler said in a tweet.

Author: Katie Lin