BIT Mining, a prominent Bitcoin mining firm, has been slapped with $10 million in fines by U.S. authorities after admitting to bribing Japanese politicians. The charges stem from the company’s past as 500.com, a Chinese sports lottery firm, which orchestrated the bribery scheme between 2017 and 2019 to secure a lucrative resort and casino license in Japan.

The illicit payments, amounting to $2.5 million in cash, entertainment, and luxury trips, were used to influence Japanese officials. These payments were concealed under fake contracts and recorded as legitimate business expenses, according to the U.S. Department of Justice (DOJ). The scheme, led by then-CEO Zhengming Pan, ultimately failed to secure the resort project.

BIT Mining agreed to a $10 million fine, with $4 million covered by a civil penalty paid to the U.S. Securities and Exchange Commission (SEC). This amount was significantly reduced from the initial $54 million penalty due to the company's financial constraints. Authorities underscored the gravity of bribery, with U.S. Attorney Philip Sellinger stating, “Paying bribes to foreign government officials is a serious crime.”

The SEC emphasized how such corruption erodes public trust, with Enforcement Chief Charles E. Cain noting its detrimental impact on investor confidence and market integrity. BIT Mining, which transitioned to Bitcoin mining in late 2020 and rebranded shortly after, has faced fallout from the scandal. Its shares dropped by 6.3% following the announcements, according to Google Finance data.

This high-profile case highlights the severe consequences of corporate corruption, even years after the crimes occurred, as regulators remain vigilant in enforcing accountability.