BIT Mining Ltd., formerly known as 500.com Limited, agreed to pay a $4 million civil penalty to resolve charges brought by the U.S. Securities and Exchange Commission (SEC). The charges were related to violations of the Foreign Corrupt Practices Act (FCPA). The company was accused of engaging in a bribery scheme from 2017 to 2019, where it made illicit payments totalling approximately $2.5 million in the form of cash bribes, entertainment, and extravagant trips to influence foreign officials.

This included influencing members of Japan’s parliament, in an attempt to secure a license for an integrated resort casino in Japan.

This action by BIT Mining reflects a broader commitment to regulatory compliance and serves as a reminder of the legal consequences of violating anti-corruption laws. The settlement involved BIT Mining consenting to an order finding violations of the FCPA’s anti-bribery, recordkeeping, and internal accounting controls provisions. Additionally, in a parallel action, BIT Mining agreed to a $10 million criminal fine with the U.S. Department of Justice (DOJ), where $4 million of this penalty was credited against the SEC civil penalty.

The case highlights the importance of transparency and integrity in corporate operations, especially for companies operating internationally. It underscores the SEC’s ongoing efforts to enforce anti-corruption laws and ensure that public companies adhere to the principles of merit and legitimate business practices.

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