Binance Faces Legal Action Over Bribery Allegations
A former senior employee at Binance is taking legal action against the crypto exchange, claiming she was wrongfully dismissed after reporting a colleague’s alleged attempt to solicit a bribe from a customer. Amrita Srivastava, who was based in London and worked on Binance’s Link platform, alleges that the colleague accepted money under the guise of providing consultative services to track a customer’s integration into the exchange. The colleague has since left Binance, according to reports.
Srivastava raised concerns about the bribery incident with her managers in April 2023 but was dismissed a month later by Binance Europe Ltd. The exchange’s lawyer contends that Srivastava’s dismissal was due to poor performance rather than whistleblowing, stating that her concerns were already known and under investigation by the internal audit team.
During her time at the Link unit, Srivastava felt pressure to secure deals as Binance sought to fill a revenue gap following the discovery that a significant portion of Link’s service revenue was linked to a customer with connections to Iran. The company’s executives were reportedly aware of the bribery and had taken steps to address the issue.
In court filings, Srivastava expressed the personal impact of her experience at Binance on her career, stating that she would need to work to undo the damage over the coming years. The legal proceedings highlight the challenges faced by employees who speak out against misconduct in the workplace.
The case underscores the importance of ethical conduct and transparency in the cryptocurrency industry. Binance, one of the largest crypto exchanges in the world, must address the allegations and ensure that appropriate measures are in place to prevent and address potential misconduct within the organization.
As the legal battle unfolds, the outcome will have implications for Binance’s reputation and its commitment to upholding integrity and accountability in its operations. Stakeholders will be closely watching how the exchange responds to the allegations and the steps taken to address any wrongdoing within the company.