Ex-Binance Executive Accuses Company of Unfair Dismissal over Bribery Claims
A former senior executive at Binance, Amrita Srivastava, has accused the company of unfair dismissal after reporting an alleged bribery scheme. This information was reported by Bloomberg, citing her statements at a tribunal.
Srivastava, who was involved with Binance's Link platform, claims her termination in May 2023 was retaliatory, following her whistleblowing on unethical practices concerning a colleague. The allegations suggest that a colleague accepted payments from a customer under the guise of "consultative services" to expedite the customer's integration into Binance's ecosystem. She reported this incident to management in April 2023, expecting appropriate action.
Binance Faces Allegations of Bribery
Srivastava stated that the unnamed colleague did not disclose their relationship with Binance while engaging in the alleged bribery. After reporting the matter, she was dismissed a month later. While she attributes her termination to her whistleblowing, Binance maintains it was due to performance issues.
She emphasized her refusal to ignore fraudulent behavior, stating, “Bribery and fraud are not gray areas — they are unequivocally wrong.”
A Chaotic Work Environment
Srivastava described her tenure at Binance as chaotic and high-pressure. Joining in April 2022 from Mastercard, she initially believed in the company's commitment to improving compliance. However, she found a lack of structure and accountability, with employees pressured to achieve revenue targets. At the Link platform, internal stress was heightened as the company sought to recover lost revenue linked to a major customer associated with Iran.
Career Damage and Whistleblower Protections
She is seeking compensation for whistleblowing and unfair dismissal, which can lead to significant financial awards in the UK. Srivastava expressed concern about the lasting impact on her career, noting that her experience at Binance had harmed her professional reputation.
In response, Binance denied any connection between her whistleblowing and her dismissal, asserting that they were already aware of the bribery allegations and had initiated an internal investigation prior to her report. The company stated that her employment ended due to poor performance, which predates the concerns she raised.
Binance reiterated its commitment to ethical standards and its practice of addressing under-performance within the organization.