As an experienced crypto investor with a keen eye for regulatory compliance and corporate integrity, I find this news about BIT Mining quite concerning. The company’s violation of the Foreign Corrupt Practices Act and bribery scheme aimed at Japanese government officials is not only unethical but also illegal.
BIT Mining, a company specializing in cryptocurrency mining, has consented to pay a fine of $4 million following charges by the Securities and Exchange Commission for alleged breaches of the Foreign Corrupt Practices Act.
The American Securities and Exchange Commission has accused crypto mining company BIT Mining (previously known as the Chinese online gambling platform 500.com) of breaking the Foreign Corrupt Practices Act through a bribery plan targeting Japanese government officials. The SEC disclosed in a court filing on November 18 that the firm has agreed to pay a $4 million fine to settle these allegations.
From 2017 to 2019, I, as a researcher, have come across allegations that BIT Mining made cash bribes and gifts totaling approximately $2.5 million to various officials, including members of Japan’s parliament. The aim was apparently to secure a bid for the establishment of an integrated resort casino in Japan. The Securities and Exchange Commission (SEC) claims that these payments were concealed under false consultant contracts and management advisory fees.
At the same time, the U.S. Department of Justice announced that BIT Mining consented to a $10 million criminal penalty, with $4 million of this fine being applied towards their settlement with the Securities and Exchange Commission (SEC).
It’s said that the unlawful plan originated from the highest levels within the company, with its chief executive officer reportedly leading the charge in orchestrating the hidden payments and later covering up their existence.
U.S. Attorney Philip R. Sellinger for the District of New Jersey
As per the Department of Justice (DoJ), BIT Mining admitted under U.S. Sentencing Guidelines that a criminal fine of $54 million is appropriate. However, considering the company’s financial situation and its proven inability to pay this amount, the agency lowered the penalty to $10 million.
BIT Mining has reached a three-year agreement postponing prosecution with the Department of Justice, settling allegations of conspiring to break anti-bribery and record-keeping laws under the Foreign Corrupt Practices Act (FCPA), as well as direct infractions regarding record-keeping.
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2024-11-19 10:42