Former Binance Employee Files Lawsuit for Bribery and Wrongful Termination
A former senior employee at Binance, Amrita Srivastava, has filed a lawsuit in the UK against the company, alleging bribery and wrongful termination. Srivastava, who worked on Binance’s Link platform, claims that a colleague accepted bribes disguised as consulting fees for preferential treatment of certain customers and that she was fired in retaliation for reporting this misconduct.
In April 2023, Srivastava reported the alleged bribery to her managers but was dismissed in May. Binance denies the allegations, stating her termination resulted from poor performance. The company's legal team noted that an investigation into the bribery claim was already underway and linked her dismissal to efforts addressing employee underperformance.
The lawsuit adds to Binance’s growing legal challenges. Recently, during an employment tribunal, Srivastava accused a former colleague of secretly accepting payments while concealing their affiliation with Binance. These payments, characterized as consulting fees, were reportedly used to enroll new customers. The implicated employee has since left the company.
Mario Nawfal summarized the case on X (formerly Twitter): “Amrita Srivastava, a former Binance senior, is suing Binance’s UK branch, claiming she was fired for exposing a bribery scheme. She reported it, and a month later, she was dismissed for ‘poor performance.’”
This case highlights Binance’s ongoing legal issues. In November 2023, the company pleaded guilty to violating U.S. anti-money laundering laws, incurring a record $4.3 billion penalty. Concurrently, CEO Changpeng Zhao (CZ) stepped down due to his involvement in the case and served a four-month prison sentence earlier this year for money laundering violations.
Binance faces additional lawsuits, including one from FTX. The bankrupt crypto exchange alleges that CZ and Binance received part of $1.8 billion in fraudulently transferred assets from Sam Bankman-Fried. These ongoing legal battles continue to exert pressure on Binance, increasing scrutiny of the company’s practices.
Despite Binance’s defense, Srivastava maintains her dismissal was retaliatory and seeks justice through legal action, contributing to the troubled history of the crypto giant. The allegations highlight the challenges Binance faces in rebuilding trust within the crypto space.