Binance Lawsuit: Bribery and Revenge?

A former senior employee at Binance has filed a whistleblower lawsuit in the United Kingdom, alleging that a colleague demanded bribes from customers in exchange for favors.

Amrita Srivastava, who worked remotely for Binance’s Link platform, claims that she was unfairly fired after reporting the misconduct.

Legal Troubles Continue With Binance

According to reports from Bloomberg, the allegations were made in a labor court hearing earlier this week. Srivastava said her colleague received money in the name of providing consulting services.

This person secretly accepted bribes to register new customers to the exchange. She also accused this individual of concealing his connection to Binance and later leaving the company.

Although Srivastava reported the bribery to managers in April 2023, she was fired just a month later.

Currently, she is suing Binance Europe Ltd. for allegedly retaliating against her when she raised concerns about this incident. The exchange also faced similar allegations from another employee earlier this year.

“Amrita Srivastava, a former senior executive at Binance, is suing Binance’s UK branch, alleging that she was fired over an alleged bribery scheme. She said that someone at Binance took bribes in the form of “consulting,” and she could not stay silent. She reported the incident, but a month later, she was fired for “poor performance,” Mario Nawfal said. write on X (formerly Twitter)

Meanwhile, Binance’s legal team argued that the company was aware of this bribery complaint. However, they asserted that Srivastava’s dismissal was due to poor labor performance. The legal team has pointed out that this is part of the company’s broader policy of addressing poor employee performance.

This trial is another testament to Binance’s long list of legal troubles. In November 2023, this exchange admitted to violating anti-money laundering regulations in the US. This resulted in a record fine of $4.3 billion and the resignation of Changpeng Zhao (CZ) from his position as CEO of the company.

At the same time, CZ and Binance are facing a separate lawsuit from bankrupt crypto exchange FTX. According to the lawsuit filed earlier this month, Sam Bankman-Fried fraudulently transferred part of $1.8 billion in assets to both CZ and his exchange.

Most recently, CZ served a four-month prison sentence for violating US anti-money laundering laws. He was released in September but is still facing many other lawsuits.

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