Cryptocurrency mining company BIT Mining has agreed to settle charges brought by the U.S. Securities and Exchange Commission (SEC) by paying a $4 million civil penalty. The charges involve alleged violations of the Foreign Corrupt Practices Act (FCPA). Bribery Allegations in Japan The SEC accused BIT Mining, formerly operating as the Chinese online gambling platform 500.com, of attempting to influence Japanese government officials through bribery. Between 2017 and 2019, the company allegedly paid $2.5 million in cash and gifts to several Japanese officials, including members of parliament, in an effort to secure a bid to open an integrated casino resort in Japan. According to the SEC, these payments were disguised as fraudulent consulting contracts and advisory fees. Settlement with SEC and Department of Justice In addition to the $4 million fine to settle SEC charges, BIT Mining also agreed to a settlement with the U.S. Department of Justice (DoJ). The total penalty amounts to $10 million, with $4 million of this included in the SEC settlement. Philip R. Sellinger, U.S. Attorney for the District of New Jersey, stated: "The illegal scheme originated at the top, with the company’s CEO allegedly playing a key role in orchestrating the unlawful payments and subsequent cover-up efforts." The DoJ further revealed that BIT Mining acknowledged under U.S. sentencing guidelines that an appropriate criminal penalty would be $54 million. However, the fine was reduced to $10 million due to the company’s financial condition and demonstrated inability to pay a higher penalty. Three-Year Deferred Prosecution Agreement As part of its settlement with the DoJ, BIT Mining has entered into a three-year deferred prosecution agreement. This agreement addresses charges of conspiracy to violate the FCPA's anti-bribery and record-keeping provisions, as well as direct violations of record-keeping requirements. The company has pledged to cooperate with investigators and implement measures to prevent similar practices in the future.

#cryptoregulation , #CryptoMining , #CryptoNewss , #SECRegulation , #Cryptocurrencies

Stay one step ahead – follow our profile and stay informed about everything important in the world of cryptocurrencies! Notice: ,,The information and views presented in this article are intended solely for educational purposes and should not be taken as investment advice in any situation. The content of these pages should not be regarded as financial, investment, or any other form of advice. We caution that investing in cryptocurrencies can be risky and may lead to financial losses.“