A former senior Binance employee has filed a lawsuit against the cryptocurrency exchange’s UK division, alleging bribery and unfair dismissal.
According to a Bloomberg report on November 28, 2024, Amrita Srivastava, the plaintiff, claims to have been unfairly dismissed in May 2023.
Importantly, the firing came a month after he raised concerns about a colleague’s alleged misconduct.
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Binance employee solicited bribe disguised as consulting fee
According to Srivastava, the Binance employee solicited a bribe from a client under the guise of offering consulting services. Furthermore, his dismissal followed his decision to report the matter to the company management.
“I wasn’t prepared to look the other way when someone had defrauded a client and yet was still part of the team,” Srivastava said.. “Asking for a bribe and defrauding a customer is not a gray area: it is definitely wrong.”
EX-BINANCE EMPLOYEE PROSECUTED FOR CORRUPTION AFTER TERMINATION
Amrita Srivastava, a former senior Binance employee, has filed a lawsuit against the UK arm of the crypto exchange, claiming she was unfairly dismissed after reporting a corruption incident in April 2023.
Srivastava alleges a… pic.twitter.com/oatnYhNowF
– Crypto Town Hall (@Crypto_TownHall) November 28, 2024
However, Binance refuted the allegations. A company spokesperson was quoted as saying that the bribery incident was already known internally. Apparently, Srivastava’s dismissal was due to ‘poor performance’.
Like the outcome of the case remains uncertain, it continues to progress through the UK legal system. In unfair dismissal caseUK courts can award up to around $150,000 in compensation, although whistleblower damages are not capped.
This lawsuit adds to Binance’s growing legal problems. Additionally, in the United States, the exchange is subject to ongoing regulatory review.
In November 2023, Binance settled civil charges with U.S. authorities, excluding a Securities and Exchange Commission lawsuit, agreeing to pay $4.3 billion.
As part of the settlement, Binance’s then-CEO Changpeng Zhao resigned, pleaded guilty to a crime, and served a brief prison sentence.
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Binance Accelerates Global Expansion Amid US Regulatory Issues
Earlier this year, Binance launched Binance Thailand, a joint venture in partnership with Gulf Innova, a subsidiary of Gulf Energy Development.
Binance Thailand, also known as Binance TH, offers a digital asset trading platform, with pairs denominated in Thai Baht.
The platform is integrated with local Thai banks and has partnered with Binance Kazakhstan for brokerage services, all under the supervision of the Thai SEC. The expansion came as Binance and its US subsidiary, Binance.US, faced regulatory pressure.
Most recently, Indonesian crypto exchange Tokocrypto, a subsidiary of Binance, announced that it has obtained a full license of the country’s Commodity Futures Trading Regulatory Agency (Bappebti).
The license grants Tokocrypto permission to operate as a licensed crypto asset trading platform in accordance with regulations.
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