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

Hester Peirce Calls for Cryptography to Enhance Financial Crime Prevention

Hester Peirce advocates for the use of cryptography to improve financial crime prevention, criticizing current data collection practices.

user avatarMohamed Farouk

BlackRock's Tokenized BUIDL Fund Surpasses $550 Million in AUM

BlackRock's tokenized BUIDL fund has reached approximately $552.4 million in assets under management, highlighting its significance in the institutional real-world asset market.

user avatarElias Mukuru

Trump Administration Seeks to Expand Dollar-Backed Stablecoins Globally

The Trump administration is considering an initiative to promote dollar-backed stablecoins internationally to reinforce the dollar's status as the world's reserve currency.

user avatarDiego Alvarez

Lido DAO Executes Vote 206 for Operational Adjustments

Lido DAO has completed Vote 206, focusing on adjustments to stakingrouter and node operator parameters.

user avatarKenji Takahashi

Sui DeFi Ecosystem Surpasses $12 Billion in Total Value Locked

The Sui DeFi ecosystem has exceeded $12 billion in total value locked, marking a significant increase from earlier in the week.

user avatarMaria Fernandez

Crimestoppers Offers £10,000 Reward for Information on Birmingham Attack

Crimestoppers is offering a reward of up to £10,000 for information leading to the arrest and conviction of those responsible for a violent home invasion in Birmingham.

user avatarGustavo Mendoza

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.