Floyd Mayweather and DJ Khaled fined over cryptocurrency promotion | Sport

The boxer Floyd Mayweather and the music producer DJ Khaled have been fined for unlawfully touting cryptocurrencies.

The two have agreed to pay a combined $767,500 in fines and penalties, the Securities and Exchange Commission (SEC) said in a statement on Thursday. They neither admitted nor denied the regulator’s charges.

According to the SEC, Mayweather and Khaled failed to disclose payments from three initial coin offerings (ICOs), in which new currencies are sold to investors.

Mayweather received $100,000 and Khaled received $50,000 to promote an ICO from the cryptocurrency company Centra Tech. Khaled called the offer a “Game changer” on social media while Mayweather’s promotions “included a message to his Twitter followers that Centra’s ICO ‘starts in a few hours. Get yours before they sell out, I got mine…’,” the SEC said.

The boxer – whom Forbes values at $285m – used Instagram to promote ICOs to his 22.3 million followers and told his 7.85 million…