RATE Group | Mayweather to pay $600k fine for ‘unlawful’ cryptocurrency promotion — RT Sport News
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Mayweather to pay $600k fine for ‘unlawful’ cryptocurrency promotion — RT Sport News

01 Dec Mayweather to pay $600k fine for ‘unlawful’ cryptocurrency promotion — RT Sport News

Posted at 17:12h in Cryptocurrency News by

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Boxer Floyd Mayweather and music producer DJ Khaled have agreed to pay a combined $767,000 in fines and penalties after being charged with unlawfully promoting cryptocurrencies by the US Securities and Exchange Commission (SEC).

The pair were found to have promoted Initial Coin Offerings (ICOs) – when new digital currency is made available – to their millions of followers on social media accounts without revealing that they had been paid a total of $350,000 to do so.

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Jayne Kamin-Oncea

The pair have agreed to pay a combined $767,500 to settle the charges against them, more than $600,000 of which will come from Mayweather, the SEC said in a statement. 

“Orders found that Mayweather failed to disclose promotional payments from three ICO issuers, including $100,000 from Centra Tech Inc., and that Khaled failed to disclose a $50,000 payment from Centra Tech, which he touted on his social media accounts as a ‘Game changer’,” the…

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