Celebrities in America fined in Crypto Investments Promotion

Crytp currency

Photo by Chinnapong at Shutterstock

Actress Lindsay Lohan has been fined together with singer Ne-Yo and rapper Akon amongst others, for failing to disclose they were being paid to promote crypto investments to their social media followers.

The celebrity group were ordered to pay more than £325,000 ($400,000 to the Securities and Exchange Commission (SEC) for promoting crypto investments

The fine came as the celebrities admitted they were paid to promote crypto companies Tronix and BitTorrent to the millions of followers they have on social media. Lindsey Lohan didn’t deny she was paid to promote the companies but said she was unaware that she needed to disclose this. She was paid £8,141 ($10,000) plus interest and she also paid a £24,425 ($30,000) fine.

The promotion of cryptocurrency is legal as long as the parties disclose, they are being paid. Other celebrities are known to have promoted cryptocurrency on their social media without problems and they include Actors, Matt Damon, Tom Brady, and Reese Witherspoon.

Other celebrities who have fallen foul of the rules include Kim Kardashian who was fined for recommending Ethereum tokens. She paid an £813,635 ($1m) fine to settle the federal charges.

Another famous face who also ended up being fined is actor Steven Seagal. He was banned for three years from promoting payments and paid a fine of £244,102 ($300,000).

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Source: https://news.sky.com/story/lindsay-lohan-akon-and-ne-yo-fined-thousands-of-dollars-after-illegal-crypto-promotion-12840523

Written by

Julia Cameron

Julia is an ex-pat writer from Brighton living in a small village close to the Andalucian town of Priego de Cordoba. When she's not working she enjoys reading, tracing her ancestry and swimming. She especially loves the summer when she can get down to the coast and chill on the beach.