Kim Kardashian has agreed to settle charges brought by the US Securities and Exchange Commission (SEC) and pay $1.26 million (€1.29m) in penalties for promoting a cryptocurrency on social media without disclosing the payment she received for it.

The SEC said that the reality TV star and entrepreneur has agreed to cooperate with its ongoing investigation.

The agency said Kardashian failed to disclose that she was paid $250,000 (€256,000) to publish a post on her Instagram account about EMAX tokens, a crypto asset security being offered by EthereumMax.

Kardashian's post contained a link to the EthereumMax website, which provided instructions for potential investors to purchase EMAX tokens.

Gurbir Grewal, director of the SEC’s division of enforcement, said in a prepared statement: "The federal securities laws are clear that any celebrity or other individual who promotes a crypto asset security must disclose the nature, source, and amount of compensation they received in exchange for the promotion."

Kardashian has agreed to not promote any crypto asset securities for three years.

While Kardashian is well known for reality TV, currently appearing on The Kardashians on Hulu, she is also a successful businesswoman.

Her brands include SKIMS, which has shapewear, loungewear and other products, and a skincare line called SKKN.

Source: Press Association