Skip to content
PromoVeritas
PromoVeritas
Contact Us
PromoVeritas
  • Home
  • About Us
  • What We Do and Why
  • Our Work
  • News
  • Join the Team
  • Contact

Kim Kardashian fined $1.26 million

Jack Rogers October 10, 2022

Kim Kardashian has been fined $1.26 million for failing to disclose to her 330 million Instagram followers that she was paid $250,000 for promoting EthereumMax, a crypto token.

Kim Kardashian was fined by the Securities and Exchange Commission (SEC) in the US, as a failure to disclose payment for touting a stock is a direct violation of federal securities law. The SEC state that celebrities must tell their followers when they are being paid to promote investments online.

Kim Kardashian did use the hashtag #ad, but implied that her friends had told her about the coin, instead of mentioning her ties to the company. The post included a link to instructions as to how the tokens could be bought.

The chairman of the SEC Gary Gensler said that ‘this case serves as a reminder to celebrities and others that the law requires them to disclose to the public when and how much they are paid to promote investing in securities’. Gurbir Grewal the director of the SEC’s enforcement division said ‘investors are entitled to know whether the publicity of a security is unbiased and Ms Kardashian failed to disclose this information’.

Not only has Kim Kardashian been fined $1.26 million, she has also agreed to refrain from promoting any crypto asset securities for three years. This is in stark contrast to the UK where the Advertising Standards Authority (ASA) and the Financial Conduct Authority (FCA) have called out influencers and brands for posting misleading ads in relation to crypto currencies, but no harsher punishments have been awarded, should the UK be following a similar tact?

All in all, it is a reminded to brands and influencers a like the importance of being up to date with rules and regulations relating to the promotion of crypto currencies.

« BeReal… What is it? Where does it fit in Marketing? English Government stall some HFSS regulations until 2023 with current cost of living crisis »

Call us on 0203 325 6000 to find out how we can help your promotion

+44 (0)203 325 6000
info@promoveritas.com
  • Home
  • About Us
  • What We Do and Why
  • Our Work
  • News
  • Join the Team
  • Contact
Proud members of ISO-27001 Accredited Proud members of
Run it Right.
© 2023 PromoVeritas
Privacy Policy Terms of Service Website Terms & Conditions Cookies Policy
We use cookies on our website. All the cookies we use can be viewed using the Cookie Settings button. By clicking “ACCEPT” you consent to the use of all cookies. You cannot disable our essential cookies.
Do not sell my personal information.
Read More
ACCEPTCookie settings
Privacy & Cookies Policy

Privacy Overview

This website uses cookies to improve your experience while you navigate through the website. Out of these cookies, the cookies that are categorized as necessary are stored on your browser as they are essential for the working of basic functionalities of the website. We also use third-party cookies that help us analyze and understand how you use this website. These cookies will be stored in your browser only with your consent. You also have the option to opt-out of these cookies. But opting out of some of these cookies may have an effect on your browsing experience.
Essential
Always Enabled

Necessary cookies are absolutely essential for the website to function properly. This category only includes cookies that ensures basic functionalities and security features of the website. These cookies do not store any personal information.

CookieTypeDurationDescription
cookielawinfo-checkbox-necessary011 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Necessary".
cookielawinfo-checkbox-non-necessary011 monthsThis cookie is set by GDPR Cookie Consent plugin. The cookies is used to store the user consent for the cookies in the category "Non Necessary".
viewed_cookie_policy011 monthsThe cookie is set by the GDPR Cookie Consent plugin and is used to store whether or not user has consented to the use of cookies. It does not store any personal data.
Non Essential

Any cookies that may not be particularly necessary for the website to function and is used specifically to collect user personal data via analytics, ads, other embedded contents are termed as non-necessary cookies. It is mandatory to procure user consent prior to running these cookies on your website.

CookieTypeDurationDescription
_ga01 yearThis cookie is installed by Google Analytics. The cookie is used to calculate visitor, session, camapign data and keep track of site usage for the site's analytics report. The cookies store information anonymously and assigns a randoly generated number to identify unique visitors.
_gat_UA-15728851-301 minuteThis is a pattern type cookie set by Google Analytics, where the pattern element on the name contains the unique identity number of the account or website it relates to. It appears to be a variation of the _gat cookie which is used to limit the amount of data recorded by Google on high traffic volume websites.
_gid01 dayThis cookie is installed by Google Analytics. The cookie is used to store information of how visitors use a website and helps in creating an analytics report of how the wbsite is doing. The data collected including the number visitors, the source where they have come from, and the pages viisted in an anonymous form.
bcookie01 yearThis cookie is set by linkedIn. The purpose of the cookie is to enable LinkedIn functionalities on the page.
bscookie11 year
csrftoken011 monthsThis cookie is associated with Django web development platform for python. Used to help protect the website against Cross-Site Request Forgery attacks
GPS030 minutesThis cookie is set by Youtube and registers a unique ID for tracking users based on their geographical location
IDE11 yearUsed by Google DoubleClick and stores information about how the user uses the website and any other advertisement before visiting the website. This is used to present users with ads that are relevant to them according to the user profile.
ig_did11 year
ig_nrcb01 year
lang0This cookie is used to store the language preferences of a user to serve up content in that stored language the next time user visit the website.
li_sugr02 months
lidc01 dayThis cookie is set by LinkedIn and used for routing.
lissc01 year
mid01 yearThe cookie is set by Instagram. The cookie is used to distinguish users and to show relevant content, for better user experience and security.
test_cookie011 months
u02 months
UserMatchHistory01 month
VISITOR_INFO1_LIVE15 monthsThis cookie is set by Youtube. Used to track the information of the embedded YouTube videos on a website.
YSC1This cookies is set by Youtube and is used to track the views of embedded videos.
Save & Accept