- Srivastava claimed that a colleague asked for a bribe from a customer in order to give them preferential treatment
- Srivastava alleged that she was dismissed just four weeks after she notified managers about the bribery incident
- Binance’s said Srivastava lost her job due to poor performance and that the company was aware of the alleged bribery incident
Amrita Srivastava, a former executive of the world's largest crypto exchange, Binance, has sued the crypto firm in the United Kingdom for bribery and unfair dismissal. Her suit is against Binance Europe Ltd.
According to Bloomberg, Srivastava claimed that a colleague asked for a bribe from a customer in order to give them preferential treatment. She told an employment tribunal in the UK that she was dismissed unfairly after she raised concerns about the alleged bribery.
Srivastava alleged that while feigning not being employed by the company, the colleague, who has since left the crypto exchange, received money "under the guise of providing consultative services" to expedite the client's integration into Binance.
Srivastava, who worked on Binance's Link platform, alleged that she was dismissed just four weeks after she notified managers about the bribery incident in April 2023.
Bloomberg quoted Binance’s lawyer as saying that Srivastava lost her job due to poor performance and that the company was aware of the alleged bribery incident.
"The decision to end her employment for poor performance predated concerns she raised about an issue that was already known and under investigation by our internal audit team," Binance said in a statement.
She stated that the management of the company "aimed to get their compliance in order" and that she thought there was a sincere desire within the organisation to assist in "fixing" Binance.
Rather, she claims, she discovered a more “chaotic” workplace, adding that “the pressure was on for deals to be delivered.”
After discovering that approximately 25% of Link unit’s revenue previously came from clients with connections to Iran, it became eager to close the "revenue gap" in the company's earnings, she said.
"I was not prepared to look the other way when someone had defrauded a customer and yet was still a part of the team—some things are just right and wrong, and asking for a bribe and defrauding a customer was not a grey area—it is most definitely wrong," Srivastava said in a witness statement.
SEC chair announces resignation, XRP reacts
Meanwhile, TheRadar earlier reported the chair of the United States Securities and Exchange Commission (SEC), Gary Gensler, has announced his resignation effective January 20, 2025.
In a press statement dated November 21, 2024, and published on the SEC website, which Gensler shared on his X account, the SEC chair described the commission as a mission-driven commission focused on protecting investors.
“On January 20, 2025, I will be stepping down as SEC Chair,” he posted. “The SEC is a remarkable agency. The staff & the Commission are deeply mission-driven, focused on protecting investors, facilitating capital formation, and ensuring that the markets work for investors & issuers alike. The staff comprises true public servants.”
