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>
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  <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>
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<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

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