The centre back appeared in a video promoting the betting company Betjuego in his native Colombia.
Everton said Mina demanded the ad, which was only broadcast in Colombia, be removed as soon as he was informed it breached betting rules in England, and that he did not profit directly from the ad because the fee was going to his charitable foundation for disadvantaged children in Colombia.
The club also said Mina hadn't understood the FA's rules on betting because his command of English was limited.
Players, coaches and officials are prohibited from advertising or promoting any betting activity related to football.
After a debut Premier League season blighted by injuries following his move from Barcelona, Mina has played all four league games in the new campaign and helped Everton keep two clean sheets.
Everton, sixth in the table, travel to Bournemouth on Sunday.
Meanwhile, in another verdict announced Tuesday, Jordan Stevens of Leeds was given a six-week ban and fined £1,200 after he admitted to placing 59 bets on football between August 2018 and May 2019 -- five of which involved Leeds.
Information from The Associated Press was used in this report.