U.S. District Court for the District of New Jersey in Newark, New Jersey. Photo: New Jersey Historical SocietyBIT Mining Bribery Scandal Highlights Trump-Biden Enforcement Gap
“There is a prevailing view that Republicans are not particularly aggressive in enforcement of these types of regulatory cases typically brought by the SEC, and I don’t think that’s true necessarily—at least in the FCPA space," said Richard Hong, a partner at Morrison Cohen.
November 19, 2024 at 06:45 PM
3 minute read
What You Need to Know
- BIT Mining agreed to pay a $10 million penalty for its role in a bribery scandal.
- The crypto company had orchestrated a scheme involving $2.5 million in illicit payments to Japanese government officials to secure licensing for an integrated resort casino.
- Richard Hong, a partner at Morrison Cohen, said that the indictment could be indicative of a larger uptick of activity in the Foreign Corruption Practices Act space.
A cryptocurrency company agreed to pay a $10 million penalty after its top leadership directed consultants to pay bribes to Japanese government officials to win a bid to open a large resort in the company, according to an indictment unsealed Monday by the U.S. Securities and Exchange Commission and the U.S. Department of Justice.
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