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Alternative Market Briefing

SEC charges BIT Mining with FCPA violations in Japan casino scheme
Tuesday, November 19, 2024

Matthias Knab, Opalesque:

The Securities and Exchange Commission has charged BIT Mining Ltd. (formerly known as 500.com) with violating the Foreign Corrupt Practices Act (FCPA) in connection with a widespread bribery scheme in Japan. The company has agreed to pay a $4 million civil penalty to settle the charges.

Key Details of the Case:
  • Between 2017 and 2019, the company engaged in a $2.5 million bribery scheme targeting Japanese government officials
  • The scheme aimed to influence the licensing process for establishing an Integrated Resort (IR) casino in Japan
  • Illicit payments included consulting fees, cash bribes, and lavish entertainment for officials
The Bribery Scheme:

The company orchestrated several illegal activities, including:

  • Paying a disguised "lecture fee" of 2 million Yen to a senior Japanese official
  • Creating sham consulting agreements to funnel cash to government officials
  • Funding extravagant trips to China and Macau for officials via private jet
  • Sponsoring a luxury ski trip for an official and family members
Compliance Failures:

The SEC found that BIT Mining:

  • Failed to maintain adequate internal accounting controls
  • Did no......................

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