Jake Paul faces charges for promoting cryptocurrency illegally on social media

US Security and Exchange Commission has shortlisted a few celebrities for “illegally touting” cryptocurrency and Jake Paul is one of them. Well, some of the popular celebs have been promoting cryptocurrencies on their platforms. While recently some of them have come under the radar of the US SEC for illegally touting the same too.

Read ahead to know more about Jake Paul among the shortlisted by US SEC for “illegally touting” cryptocurrency.

Jake Paul among shortlisted by US SEC for “illegally touting” cryptocurrency

With the evolution of cryptocurrency in the past few years. A lot of known figures have come ahead promoting cryptocurrencies on their platform. Recently we got to see Jake Paul and others doing the same. But what comes as a shock for many is seeing Jake Paul shortlisted by US Security and Exchange Commission.

US SEC has recently shortlisted a few names for “illegally touting” cryptocurrency on platforms. Where one of the names on the list was Jake Paul. Apart from Jake other names included in the list is Soulja Boy, Lil Yachty, Ne-Yo, Akon, and Lindsay Lohan.

Why has Jake Paul been shortlisted by US SEC?

Well, US Security and Exchange Commission recently on 22nd March 2023 had a press release. Where they charged Sun and Jake Paul for fraud. Not to miss, Jake Paul has been involved in different crypto projects like the one of Tron Foundation Limited owned by Justin Sun.

Jake Paul has been named on the list by US SEC for “illegally touting” the tokens on his platforms. While Sun is charged by US SEC along with his three companies Tron Foundation Limited, BitTorrent Foundation Limited, and Rainberry Inc too.

More about the US SEC charges on Jake Paul

As per the claims from reports, Tronix and BitTorrent tokens were illegally sold and offered. As Sun manipulated to make the token appear as an actively traded one. While Jake Paul was too charged by US SEC alongside.

As per reports, Jake Paul promoted the tokens on his platforms without disclosing the fact that he was compensated for it. Not just that, the press release mentioned that Jake Paul had agreed to pay more than $400,000 to settle the charges in interest, penalties, and disgorgement.

Ruchi Singh

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I’m a passionate writer who believes in the magic of words. I’m a former magazine writer and I love reading books that makes people grow to a better person. Every word holds an energy and I use them to create a positive beautiful life. #StayPositive #StayBlessed

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