A former senior executive at Binance, Amrita Srivastava, has accused the company of retaliating against her after she raised concerns about an alleged bribery scheme involving a colleague. Srivastava, who was based in London and worked remotely on Binance’s Link platform, testified that she was dismissed after reporting the incident to her superiors. The alleged bribery involved a colleague who supposedly accepted a bribe from a customer in exchange for speeding up integration services.

According to Srivastava, the payments were disguised as “consultative services,” and the employee involved had reportedly distanced himself from his official role at Binance, complicating the investigation. The colleague in question has since left the company.

Background of the Alleged Bribery Scheme

Srivastava joined Binance in April 2022, bringing experience from her previous role at Mastercard, where she managed fintech coverage for Western Europe. She initially believed that Binance was committed to improving its compliance efforts, especially given the heightened global regulatory scrutiny facing the exchange. However, Srivastava described the company’s work culture as “chaotic,” noting that her unit faced increasing pressure to close deals, particularly following the loss of significant revenue from a client allegedly linked to Iran.

In April 2023, Srivastava reported the alleged bribery scheme to her managers. She claims that shortly after she brought the issue to light, she was terminated for “poor performance,” which she believes was a direct consequence of her whistleblowing.

Binance’s Response to the Allegations

Binance has responded to the allegations by stating that Srivastava’s termination was not related to her whistleblowing. In a statement, the company’s legal team asserted that the decision to end her employment had been made before she reported the alleged bribery, and they added that the matter was already under internal review. Binance’s lawyers also stated that the alleged bribery incident had been known to the company prior to Srivastava’s report.

Despite Binance’s defense, Srivastava maintains that her firing was retaliatory, tied directly to her decision to expose the wrongdoing.

Legal Implications for Binance

Under UK law, whistleblowing cases in employment tribunals are subject to uncapped awards, which means that if Srivastava’s claims are upheld, Binance could face significant financial liability. Srivastava has asserted that the alleged retaliatory firing has caused considerable damage to her career and reputation, an impact she believes will take years to repair.

In her statement, Srivastava reflected on the toll the experience has taken on her professionally, emphasizing that the consequences of speaking out were far-reaching.

What’s Next for Binance and Srivastava?

Srivastava’s case is now being examined by an employment tribunal, where she seeks justice for what she describes as a retaliatory firing for her whistleblowing. The outcome of this case could have broader implications for Binance, especially as the company navigates ongoing regulatory challenges and the need to maintain compliance with global financial standards.

As the legal proceedings unfold, this case highlights the risks that companies face when handling whistleblowers and allegations of misconduct. For Binance, the outcome could shape its reputation and its approach to internal controls and employee protections going forward.