A publicly traded cryptocurrency mining company will pay $10 million and completely change its business model to one with “lower corruption risk” as part of a settlement over violations of the Foreign Corrupt Practices Act (FCPA), two regulators announced Monday.
BIT Mining, an Ohio-based cryptocurrency mining company, and CEO Zhengming Pan will pay $6 million to the Department of Justice (DOJ) and $4 million to Securities and Exchange Commission (SEC) to resolve allegations that its predecessor company, China-based gaming firm 500.com, and Pan orchestrated a scheme to bribe officials in Japan.
