• Kim Kardashian has agreed to pay over $1 million to resolve SEC charges.
• Accused of concealing payment for promoting a cryptocurrency on her Instagram page.
• Regulators and investors have already criticized Kardashian for the position.

Kim Kardashian has agreed to pay over $1 million to resolve SEC charges stemming from a cryptocurrency marketing on her social media accounts, according to reports.

Kim Kardashian has been fined by the SEC for promoting EthereumMax on her Instagram feed.

Without admitting that she was being paid, it claimed she earned $250,000 (£223,000) in exchange for promoting the bitcoin.

The mother of four has agreed to pay fines totaling $1.26 million (£1.12 million). She also committed to refrain for three years from endorsing any crypto asset securities.

Regulators and investors have already criticized Kardashian for the June 2021 position.

She reportedly created Skky Partners, a private equity fund, along with Jay Sammons, a former partner at the investment company Carlyle Group.

The Securities and Exchange Commission stated on Monday morning that the famous reality TV personality and influencer had settled accusations that she had concealed a payment for promoting a cryptocurrency on her Instagram page.

SEC Chairman Gary Gensler stated in a press statement, “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.”

An attorney for Kardashian issued a statement in which she expressed her satisfaction with the outcome: “Kardashian fully cooperated with the SEC from the very beginning and she remains willing to do whatever she can to assist the SEC in this matter. She wanted to get this matter behind her to avoid a protracted dispute. The agreement she reached with the SEC allows her to do that so that she can move forward with her many different business pursuits.”

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