2024

Million

<ul class="wp-block-list">
 <li><strong>BIT Mining, formerly 500.com, admitted to bribery between 2017 and 2019.</strong></li>
 <li><strong>The SEC imposed a $4 million civil penalty, credited against a $10 million DOJ fine.</strong></li>
</ul>
<p>BIT Mining Ltd., formerly known as 500.com, has <a href="https://x.com/DOJCrimDiv/status/1858628810171711594" target="_blank" rel="noopener noreferrer nofollow">agreed</a> to pay a $10 million penalty to resolve allegations of violating the Foreign Corrupt Practices Act (FCPA). The charges stem from a bribery scheme aimed at influencing Japanese government officials to secure a casino license between 2017 and 2019.</p>
<div align="center">
 <blockquote class="twitter-tweet">
  <p lang="en" dir="ltr">Former CEO Indicted for Role in Bribing Japanese Officials and BIT Mining Ltd. Resolves Foreign Bribery Investigation<br><br><img src="https://s.w.org/images/core/emoji/15.0.3/72x72/1f517.png" alt="🔗" class="wp-smiley" style="height: 1em; max-height: 1em;">: <a href="https://t.co/FreYjxbkJZ" rel="noopener noreferrer nofollow">https://t.co/FreYjxbkJZ</a> <a href="https://t.co/0Q1zDAjur2" rel="noopener noreferrer nofollow">pic.twitter.com/0Q1zDAjur2</a></p>— Criminal Division (@DOJCrimDiv) <a href="https://twitter.com/DOJCrimDiv/status/1858628810171711594?ref_src=twsrc%5Etfw" rel="noopener noreferrer nofollow">November 18, 2024</a>
 </blockquote>
 <script async src="https://platform.twitter.com/widgets.js" charset="utf-8"></script>
</div>
<p>The Securities and Exchange Commission (SEC) found that the company authorized $2.5 million in bribes through cash, entertainment, and luxury trips. These payments sought to influence Japan’s parliament members to secure a bid for an integrated resort casino project. However, the scheme failed, and BIT Mining never entered the market.</p>
<h3 class="wp-block-heading" id="h-penalties-and-actions-against-bit-mining">Penalties and Actions Against BIT Mining</h3>
<p>The SEC ordered BIT Mining to pay a $4 million civil <a href="https://www.sec.gov/newsroom/press-releases/2024-180" target="_blank" rel="noopener noreferrer nofollow">penalty</a>. The company also consented to cease further violations of anti-bribery and accounting control provisions. Meanwhile, the U.S. Department of Justice (DOJ) imposed a $10 million fine, which includes the $4 million credited toward the SEC penalty.</p>
<p>In a related case, the DOJ indicted former CEO Zhengming Pan. He allegedly orchestrated the scheme by using sham contracts with consultants to funnel illicit payments. Pan faces <a href="https://www.justice.gov/opa/pr/former-ceo-500com-now-bit-mining-ltd-indicted-role-bribing-japanese-officials-and-bit-mining" target="_blank" rel="noopener noreferrer nofollow">multiple </a>charges, including conspiracy and violations of anti-bribery and recordkeeping provisions of the FCPA.</p>
<p>Charles Cain of the SEC emphasized that corruption distorts markets and erodes investor confidence. Nicole Argentieri of the DOJ reiterated the commitment to holding corporations and leaders accountable for bribery.</p>
<p>Under a three-year deferred prosecution agreement, BIT <a href="https://thenewscrypto.com/microstrategy-adds-51780-bitcoin-for-whopping-4-6-billion/" target="_blank" rel="noopener noreferrer nofollow">Mining</a> must enhance its compliance measures and provide regular updates. The DOJ recognized these efforts, granting a 10% penalty reduction. Due to the company’s financial constraints, the DOJ reduced the original $54 million fine to $10 million.<br><br><strong>Highlighted Crypto News Today<br></strong><a href="https://thenewscrypto.com/global-crypto-funds-hit-record-33-5b-in-2024-amid-recent-bitcoin-surge/" target="_blank" rel="noopener noreferrer nofollow">Global Crypto Funds Hit Record $33.5B in 2024 Amid Recent Bitcoin Surge</a></p>

BIT Mining Fined $10 Million for Bribery Scheme in Japan

Table of Contents

TheNewsCrypto

Other articles published on Nov 19, 2024

Russia Sets Tax Rate for Crypto Income from Trading and Mining! Here Are the Details

StarTowerChain: The innovative power to break the information island

5 years for $70M theft

BITCOIN ACT - Community united under a memecoin - here to support the most pivotal document for ...

GRT Price Breaks $0.20: Will It Hit $0.3292 After Wedge Breakout?

Federal Judge Rejects Kraken Bid To Appeal Decision In SEC Case

Join our free newsletter for daily crypto updates!