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

Kava Lend Suffers Major Exploit, 55 Million KAVA Tokens Lost

An exploit at Kava Lend has drained approximately 55 million KAVA tokens due to a vulnerability in the DeFi protocol.

user avatarAyman Ben Youssef

Investor Sentiment Plummets as Crypto Fear and Greed Index Hits 10

Investor sentiment has deteriorated, with the Crypto Fear and Greed Index dropping to 10, indicating extreme fear in the market.

user avatarTando Nkube

Other Crypto Funds Experience Significant Withdrawals

Other cryptocurrency ETF categories, including Solana and XRP, recorded significant withdrawals, indicating a broader trend of selling pressure.

user avatarSatoshi Nakamura

MEGA Plans AI Marketplace Launch for December

MEGA is set to launch an AI inference marketplace in December, allowing customers to access services from various AI model providers.

user avatarNguyen Van Long

MEGA Reduces Workforce to Shift Focus to AI Products

MEGA has laid off 20 employees as part of a restructuring to expand into artificial intelligence, moving beyond its blockchain infrastructure.

user avatarKofi Adjeman

Institutional Withdrawals from Crypto ETFs Reach Over $1 Billion

Institutional demand for crypto ETFs has weakened significantly, with US spot Bitcoin ETFs experiencing over $1 billion in withdrawals for the second consecutive week.

user avatarJesper Sørensen

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.