- Former Binance exec alleges unfair dismissal.
- Amrita Srivastava reported an incident of bribery before being fired.
- Binance denies any wrongdoing.
Binanceโs reputation is marred by controversies, including paying a $4.3 billion fine for alleged money laundering and sanction violations. The fallout saw co-founder Changpeng Zhao step down and face a three-month prison sentence, cementing the exchangeโs turbulent history.
While some argue that the DoJ overreached, painting Binance as another casualty in the “War on Crypto,” new allegations have emerged. A former UK-based executive claimed she was fired after reporting bribery within the company, reigniting concerns about its internal practices.
Binance Exec Claims Unfair Dismissal
Adding to Binanceโs ongoing controversies, former executive Amrita Srivastava told an employment tribunal that she was unfairly dismissed by the company after reporting bribery to senior management.
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Srivastava worked in Binanceโs Link department, which facilitates client integrations into the exchangeโs systems. In April 2023, she reported that a colleague had accepted a bribe to speed up their application. A month later, she was fired, sparking questions about the companyโs handling of whistleblowers.
“I was not prepared to look the other way when someone had defrauded a customer and yet was still a part of the team,โ Srivastava stated, calling the bribe a clear violation of ethical standards.
Binance has denied any connection between the bribery allegations and her dismissal. A company spokesperson told Bloomberg that Srivastavaโs performance issues, not her bribery claims, led to her termination. They also noted the matter was already under review by the internal audit team.
Long History of Controversies
Despite denying Srivastavaโs allegations, Binance has faced similar claims before, including accusations that it dismissed a market surveillance investigator, who uncovered evidence of VIP clients engaging in manipulative practices like wash trading in the Binance marketplace.
Similarly, in March, Binance was embroiled in another scandal involving allegations of insider trading. Just before Binance announced the listing of BOME, a trader had purchased 314 million tokens on a decentralized exchange for $2.3 million.
Following the listing announcement, the value of the traderโs tokens skyrocketed to $8 million, raising suspicions of unfair advantage. However, an internal investigation concluded that the trader at the heart of the storm had no connection with the company.
On the Flipside
- UK whistleblower cases have a 3% success rate at hearings.
- The DoJ justified its actions against Binance, stating the company “turned a blind eye to its legal obligations in the pursuit of profit.”
Why This Matters
While Binance works to rebuild trust after its $4.3B settlement, this whistleblower case suggests the challenge lies in transforming the company’s culture.
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