SEC charges Kim Kardashian for paid Instagram crypto promo, influencer agrees to pay $1.26 million

Celebrity influencer Kim Kardashian has agreed to pay a $1.26 million fine to the Securities and Exchange Commission to settle civil charges for her touting crypto asset EthereumMax on social media, according to news reports Monday.

The SEC charged Kardashian for failing to disclose that she was paid $250,000 for an Instagram post on the crypto asset.

Kardashian, whose early celebrity career includes being a reality TV star, has also agreed to cooperate with the SEC's ongoing investigation.

"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,” said SEC Chairman Gary Gensler, according to CNN.

Kardashian also agreed to not promote any crypto securities for three years. A spokesperson for her did not immediately respond to CNN's request for comment.