BIT Mining Agrees on $4M Fine Over FCPA Violations

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

Tier I

Requires 25% Tier Progress to Claim

Meme Cache

Tier I

Requires 50% Tier Progress to Claim

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.

Tier I

Sector: #18291

25%

50%

75%

100%

Tier II

Survivors rescued:

0 / 600

Survivors

0/0

Transmit Signal

Broadcast this sector's coordinates to other rescuers.

Other news

Gate Reports Impressive Cold Storage Coverage Ratio

Gate's cold storage coverage ratio reached an impressive 104.58%, ensuring all user assets are secure.

Rajesh Kumar3 hours ago

Gate Launches Innovative Proof of Security Framework

Gate has launched a new asset security verification framework called Proof of Security (PoSEC), becoming the first digital asset trading platform to implement such a system.

Miguel Rodriguez4 hours ago

US DOJ Launches Task Force to Combat AI Misuse

The US Department of Justice has launched a task force to combat the misuse of advanced artificial intelligence, ensuring American leadership is not compromised by bad actors.

Luis Flores5 hours ago

Mercado Bitcoin Suffers Major Security Breach with $48 Million Stolen

Mercado Bitcoin has reported a significant security breach, with over $48 million in assets stolen across 11 blockchains. The breach occurred on November 2, 2023, challenging the exchange's claims of containment.