TechFlow news, November 19 — According to Bloomberg, the U.S. Securities and Exchange Commission (SEC) said Monday that cryptocurrency mining company BIT Mining Ltd. (formerly 500.com Limited) has agreed to pay a $4 million penalty to settle allegations of bribing Japanese officials.
The SEC stated that between 2017 and 2019, BIT Mining paid $2.5 million in cash bribes and gifts to members of Japan's parliament and others in an attempt to win bids for casino resort projects in Japan.
In a separate action, the U.S. Department of Justice said it has reached an agreement with BIT Mining, under which the company agreed to pay a $10 million criminal penalty, of which $4 million will be paid by the company to the U.S. SEC.
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