The US stock market regulator SEC fined reality star Kim Kardashian more than 1 million dollars.
This is because Kardashian would have advertised a crypto coin without knowing that she was being paid for it. That is against US regulations.
According to the SEC, Kardashian used social media to promote EMAX crypto coins. For this, Kardashian was paid more than $250,000 by EthereumMax, the coin provider.
Kardashian must now repay the amount and interest and a $1 million fine. It also agrees to stop advertising cryptocurrencies for three years.
The SEC has been warning for some time against celebrities touting cryptocurrencies. Boxer Floyd Mayweather, among others, was fined in 2018 for the same reason as Kardashian.
According to the SEC, cryptocurrencies fall under the stock exchange and, therefore, under the supervision of the stock market regulator.