BIT Mining Agrees on $4M Fine Over FCPA Violations

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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.

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