Kim Kardashian is paying $1.26 million in a settlement agreement with the Securities and Exchange Commission amid charges that she unlawfully touted a cryptocurrency without disclosing she was being paid for the promotion.
Kardashian is paying the settlement without admitting to or denying the SEC’s findings, the agency said on Monday. She also agreed to not promote any crypto asset securities for three years.
The agency said Kardashian will cooperate in its ongoing investigation.
The fine is linked to a cryptocurrency called EthereumMax, or EMAX, which was pitched to investors as a disruptive new cryptocurrency. Kardashian was one of several celebrities who used their fame to hype the crypto asset, and who were the focus of a class-action lawsuit in January over their endorsements.
This is a developing story and will be updated.