BIT Mining Agrees on $4M Fine Over FCPA Violations

user avatar

by Giorgi Kostiuk

2 years ago

BIT Mining has agreed to pay $4 million to settle charges by the SEC for bribing Japanese officials.

Charges Against BIT Mining

The U.S. Securities and Exchange Commission charged BIT Mining, formerly known as Chinese betting platform 500.com, with violating the Foreign Corrupt Practices Act through bribery of Japanese officials. The company allegedly paid $2.5 million between 2017 and 2019 disguised as fake consulting contracts and management advisory fees.

The illegal scheme started at the top, with the company’s CEO allegedly fully involved in directing the illicit payments and the subsequent efforts to conceal them.Philip R. Sellinger, U.S. Attorney for the District of New Jersey

Company's Financial Responsibility

BIT Mining agreed to pay the U.S. Department of Justice a total of $10 million, with $4 million credited toward the SEC penalty. The DoJ stated that the company was originally expected to pay $54 million under U.S. Sentencing Guidelines, but the amount was reduced to $10 million due to the company's financial condition.

Reactions and Consequences

BIT Mining also entered a three-year deferred prosecution agreement with the DoJ, resolving charges of conspiracy to violate anti-bribery and books-and-records provisions of the FCPA.

BIT Mining faces significant financial and legal consequences following the bribery allegations. The settlement allows the company to avoid harsher penalties.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

US Treasury Department Moves to Cut MEXC Global from Financial System

The US Treasury Department has taken action against MEXC Global, a cryptocurrency exchange, to sever its ties with the American financial system due to accusations of facilitating over $16 billion in illicit transactions linked to Iran, North Korea, and Russia.

user avatarLucas Weissmann

Political Fallout from Ueno Bank Crisis in Paraguay

The Ueno Bank crisis has triggered significant political repercussions in Paraguay, including the resignation of President Santiago Peña and potential impeachment proceedings.

user avatarFilippo Romano

Greece Enhances Crypto Tax Transparency Measures

Greece will implement new reporting and documentation requirements for cryptocurrency purchases starting in 2027 to ensure funds come from declared income or lawful sources.

user avatarTomas Novak

Greece Introduces 10% Tax on Crypto Investment Profits

Greece introduces a 10% tax on individual crypto investment gains starting January 1, 2027.

user avatarEmily Carter

Gnosis Pay Implements Enhanced Security Measures Following Breach

Gnosis Pay has implemented enhanced security measures, including 3D Secure for online payments and increased fraud monitoring, following a data breach.

user avatarMaya Lundqvist

Gnosis Pay Reports Data Breach Affecting Customer Information

Gnosis Pay reported a data breach where hackers accessed customer information through its card system, prompting immediate containment measures.

user avatarKaterina Papadopoulou

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.