- Chief Compliance Officer and VP of Legal Affairs, Arrow Electronics
By 
Aaron Nicodemus2024-11-19T19:26:00
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.
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.
BIT Mining, now based in Akron, Ohio, was charged by the DOJ in federal court with one count of conspiracy to violate the books and records provisions of the FCPA and one count of violating the books and records provision of the FCPA. The company agreed to enter into a three-year deferred prosecution agreement with the DOJ to settle the charges. The SEC said BIT Mining and Pan violated the anti-bribery, recordkeeping, and internal accounting controls provisions of the FCPA.
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