Binance was accused of firing an employee for reporting bribes inside the company

One of the representatives of the exchange, under the guise of providing consulting services, took fees from clients for providing preferential treatment

28.11.2024 - 14:00

2 min

What’s new? Amrita Srivastava, a former senior executive at Binance’s London division, has sued the crypto exchange to challenge her unfair dismissal. She claims that she was fired after bringing information about corruption within the company to the management. For example, one of her colleagues posed as an external consultant to potential corporate clients and partners and, under the guise of providing consulting services, charged them a fee, promising to speed up integration with the exchange. The employee later resigned from Binance.

Material by Bloomberg

What else is known? Srivastava worked remotely on Binance’s Link platform, which connects external brokers and clients to the exchange. She started the job in April 2022, moving from her role as head of financial technology in Western Europe at payment company Mastercard.

According to the lawsuit, she expected Binance to seek to strengthen regulatory compliance, but contrary to expectations, the office was “chaotic.” The employee herself was pressured to make deals, as Binance sought to make up for a drop in revenue after it emerged that about a quarter of Link’s revenue came from customers linked to Iran.

In the course of dealing with one of Link’s clients, Srivastava discovered that the client was passing money to her colleague. In her testimony, she emphasized that she was not prepared to turn a blind eye to the client’s deception because misleading the client and taking a bribe from him was clearly wrongful.

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Binance’s lawyer responded by saying that the company learned of the incident and launched an internal investigation even before Srivastava’s report and that she was fired for unrelated reasons — for poor performance.

Srivastava claims that her experience at Binance caused damage to her career that will take several years to repair. Compensation for unfair dismissal in the UK is capped at 105 700 British pounds sterling.

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