Ex-Binance Exec Sues Over Bribery, Claims Retaliation

A former senior employee at Binance has filed a lawsuit in the UK, accusing the company of bribery and wrongful termination. Amrita Srivastava, who worked on Binance’s Link platform, alleges that a colleague accepted bribes disguised as consulting fees to provide preferential treatment to certain customers. She claims she was fired in retaliation for reporting the misconduct.

Srivastava reported the alleged bribery to her managers in April 2023 but was dismissed the following month. Binance denies the allegations, asserting that her termination was due to poor performance. According to the company’s legal team, Binance was already investigating the bribery claim and attributed Srivastava’s dismissal to a broader effort to address employee underperformance.

The lawsuit adds to Binance’s growing legal challenges. Earlier this week, during an employment tribunal, Srivastava accused a former colleague of accepting payments secretly while hiding their affiliation with Binance. The payments, described as consulting fees, were allegedly used to enroll new customers onto the platform. The accused employee has since left the company.

Mario Nawfal commented on X (formerly Twitter), summarizing the case: “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 troubles. In November 2023, the company pleaded guilty to violating U.S. anti-money laundering laws, resulting in a record $4.3 billion penalty. Around the same time, its CEO, Changpeng Zhao (CZ), stepped down following his involvement in the case. CZ also served a four-month prison sentence earlier this year for money laundering violations.

Binance is facing 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 legal battles continue to weigh on Binance, with scrutiny mounting on the company's practices.

Despite Binance’s defense, Srivastava insists her dismissal was retaliatory. She is now seeking justice through legal action, marking another chapter in the embattled crypto giant’s history. The allegations underscore the challenges Binance faces as it tries to rebuild trust in the crypto space.