Actor Steven Seagal has been fined $314,000 by the U.S. securities regulator for failing to disclose he had been paid to endorse a bitcoin offering he was promoting on his social media channels. 

The Hollywood star agreed to pay the fine after being charged with unlawfully touting for failing to disclose the payments he was receiving for promoting an investment in an initial coin offering from Bitcoiin2Gen (B2G).

The Securities and Exchange Commission revealed on Thursday that it had settled the charges with Seagal.

The martial arts expert was promised $250,000 in cash and $750,000 worth of B2G tokens in exchange for his promotions. 

That promotion included posts on his social media accounts in which he encouraged the public not to 'miss out' on Bitcoiin2Gen's initial coin offering. 

A press release was also issued in February 2018 that was titled 'Zen Master Steven Seagal Has Become the Brand Ambassador of Bitcoiin2Gen'.