Ex-Binance worker sues UK exchange, alleges bribery
Ex-Binance worker sues UK exchange, alleges bribery
Amrita Srivastava, a former senior employee at Binance, has filed a lawsuit against the cryptocurrency exchange’s UK arm, alleging unfair dismissal after reporting a bribery incident. According to a report by Bloomberg on November 28, Srivastava claims she was terminated in May 2023, a month after informing management that a colleague had accepted bribes from a customer under the guise of providing consultative services.
Binance has denied wrongdoing in Srivastava’s dismissal, stating it was performance-related. However, Srivastava maintains her actions were ethical, saying, “Asking for a bribe and defrauding a customer was not a gray area — it is most definitely wrong.” Whistleblowers in the UK are entitled to unlimited compensation if they win their cases, while unfair dismissal claims can yield up to $150,000.
Binance’s legal woes expand
This lawsuit adds to Binance’s mounting legal challenges globally. In the U.S., the exchange has faced significant regulatory scrutiny, including a lawsuit from the Securities and Exchange Commission (SEC) in June 2023 for allegedly offering unregistered securities. In November 2023, Binance agreed to pay $4.3 billion to settle other regulatory enforcement actions, leading to CEO Changpeng Zhao stepping down and serving a four-month prison sentence.
While the UK lawsuit highlights internal misconduct concerns, Binance’s broader legal challenges may shape its future operations and reputation. With heightened regulatory scrutiny and whistleblower cases gaining traction, the exchange faces increasing pressure to reform its internal practices and rebuild trust in its compliance standards.
The outcome of Srivastava’s case may have broader implications for employee protections and corporate governance within the crypto industry, particularly as exchanges face mounting calls for transparency and accountability.
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