Ex-Binance Senior Employee Sues UK Arm, Alleges Bribery And Unfair Dismissal
A former senior employee at Binance has initiated legal action against the cryptocurrency exchange’s UK division, alleging bribery and wrongful termination.
According to a Bloomberg report dated 28 November 2024, Amrita Srivastava, the plaintiff, claims she was unfairly dismissed in May 2023.
Importantly, the dismissal came a month after raising 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 customer under the pretense of offering consulting services. Furthermore, her termination followed her decision to report the matter to the company’s management.
“I was not prepared to look the other way when someone had defrauded a customer and yet was still a part of the team,” Srivastava said. “Asking for a bribe and defrauding a customer is not a gray area — it is most definitely wrong.”
EX-BINANCE EMPLOYEE SUES FOR BRIBERY AFTER DISMISSAL
Amrita Srivastava, a former senior employee at Binance, has filed a lawsuit against the UK arm of the crypto exchange, claiming she was unfairly dismissed after reporting a bribery 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 reportedly stated that the bribe incident was already known internally. Apparently, Srivastava’s dismissal was due to “poor performance.”
As the outcome of the case remains uncertain, it continues to progress through the UK legal system. In cases of unfair dismissal, UK courts can award up to approximately $150,000 in compensation, though damages for whistleblowers are not capped.
This lawsuit adds to Binance’s growing legal troubles. Furthermore, in the US, the exchange has faced ongoing regulatory scrutiny.
In November 2023, Binance settled with US authorities over civil charges, excluding a Securities and Exchange Commission lawsuit, agreeing to pay $4.3 billion.
As part of the settlement, Binance’s then-CEO Changpeng Zhao stepped down, pleaded guilty to a felony, 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 platform for trading digital assets, 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 Thailand’s SEC. The expansion came as Binance and its US affiliate, Binance.US, have been under regulatory pressure.
More recently, Indonesian crypto exchange Tokocrypto, a subsidiary of Binance, announced that it has secured a full license from the country’s Commodity Futures Trading Regulatory Agency (Bappebti).
The license grants Tokocrypto authorization to operate as a licensed crypto asset trading platform in compliance with regulations.
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