CandleFocus BIT Mining Settles for $10M Over Bribery Allegations in Japan Resort License Bid
2024-11-24
Author: Content Editor
BIT Mining, a Bitcoin mining company, has agreed to pay $10 million in penalties in a settlement with US authorities over bribery allegations involving Japanese government officials. The company admitted to violating the Foreign Corrupt Practices Act and engaging in a scheme to pay bribes and falsify records. Former CEO Zhengming Pan is also facing indictment on multiple charges. The company paid around $1.9 million in bribes to Japanese officials between 2017 and 2019 in an effort to secure a bid for an integrated resort project. Despite its efforts, the company ultimately lost the bid. As part of the settlement, BIT Mining has entered into a deferred prosecution agreement and will pay a reduced penalty due to its financial challenges.
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