Bit Mining, Formerly 500.com, Fined $10 Million by DOJ and SEC for $2.5 Million Bribes to Japanese Officials

Nov 19, 2024, 12:29 AM

Bit Mining Ltd, formerly known as 500.com, has agreed to pay a $10 million penalty to settle charges brought by the U.S. Securities and Exchange Commission (SEC) and the Department of Justice (DOJ) for violating the Foreign Corrupt Practices Act (FCPA). Between 2017 and 2019, while still operating as a Chinese lottery company, the company engaged in a bribery scheme involving $2.5 million in payments, including trips, cash, and entertainment, to Japanese government officials—including members of parliament—to secure a casino development project. The DOJ has indicted the former CEO of Bit Mining for his role in the bribery scheme. The company has entered into a deferred prosecution agreement to resolve the foreign bribery investigation.