Amrita Srivastava sues Binance, alleging retaliation for reporting bribery within the crypto giant. (Photo by Carl Court/Getty Images)
Key Takeaways
- A former Binance employee alleges wrongful termination after reporting bribery within the company.
- The ex-employee claims she raised concerns about preferential treatment in exchange for bribes, leading to her dismissal.
- Binance denies the allegations, stating the termination was due to underperformance, not whistleblowing.
A former senior executive at Binance is suing the company in a United Kingdom employment tribunal, claiming she was wrongfully terminated after raising concerns about bribery and preferential treatment within the organization.
The plaintiff, Amrita Srivastava, who worked remotely for Binance’s European operations, filed the lawsuit alleging retaliation for whistleblowing.
Srivastava’s Allegations: Bribery and Preferential Treatment
Srivastava, an executive at Binance Link—a platform connecting brokers and customers to the exchange—claims she encountered an employee engaged in bribery during her tenure.
According to her witness statement, a co-worker allegedly solicited money from a customer in exchange for faster integration into Binance.
The employee, Srivastava alleged, disguised their affiliation with Binance while taking the bribe.
“I was not prepared to look the other way when someone had defrauded a customer and yet was still a part of the team – some things are just right and wrong, and asking for a bribe and defrauding a customer was not a grey area – it is most definitely wrong,” Srivastava said in a witness statement.
She reported the incident to Binance’s management in April 2023. However, she claims that her whistleblowing led to her dismissal the following month.
Binance’s Defense: Allegations Dismissed as Baseless
In response, Binance has categorically denied Srivastava’s claims.
The company’s legal team stated that the allegations were unfounded and that her termination was based solely on poor performance.
The company lawyers said in court filings that Binance has a culture of addressing underperformance and expects high standards from all employees.
They also noted that the bribery incident Srivastava reported was already under investigation at the time.
Binance Work Environment: A Culture Under Scrutiny
Srivastava, who joined Binance in April 2022 after a career at MasterCard, told Bloomberg that she initially believed in the company’s vision to address its compliance challenges.
However, she described Binance’s workplace as chaotic, with immense pressure to close deals quickly.
Srivastava claimed that she had a sincere belief that things could be fixed.
However, the environment was unlike anything she had experienced—disorganized and relentless.
High Stakes at the Tribunal
The UK’s employment tribunal system allows unlimited compensation for whistleblowing claims, making this a potentially costly case for Binance if the tribunal sides with Srivastava.
For wrongful dismissal alone, the maximum payout is capped at £115,115.
Srivastava’s case comes amid heightened scrutiny of Binance’s operations worldwide, with the exchange already battling regulatory challenges on multiple fronts.
The tribunal’s decision could further impact the exchange’s reputation and underscore its internal governance challenges.
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