Key Takeaways:
- Whistleblower Claims: Former Binance employee Amrita Srivastava alleges her dismissal was retaliation for reporting a colleague’s solicitation of bribes disguised as “consultative services.”
- Binance’s Response: Binance denies the allegations, stating Srivastava was terminated for “poor performance.”
- Potential Implications: The case raises issues of whistleblower protections and could result in unlimited compensation if Srivastava’s claims are upheld.
A former senior employee of Binance’s UK arm, Amrita Srivastava, has filed a lawsuit alleging unfair dismissal and bribery within the organization.
Srivastava, who worked at Binance from 2022 to 2023, claims her dismissal followed her reporting of a colleague soliciting bribes from a customer under the pretext of “consultative services.”
A former Binance executive sued the cryptocurrency exchange in the UK for whistleblowing, claiming a colleague asked for a bribe from a customer in order to give them preferential treatment https://t.co/LOKbSQz3oz
— Bloomberg (@business) November 28, 2024
Her employment was terminated in May 2023, a month after she raised these concerns with management.
Binance acknowledged the bribery incident but attributed Srivastava’s dismissal to “poor performance” rather than whistleblowing.
In her statement, Srivastava expressed her unwillingness to ignore unethical practices, emphasizing that soliciting bribes and defrauding customers was unequivocally wrong.
EX-BINANCE EMPLOYEE DROPS LAWSUIT OVER BRIBERY CLAIMS
— Mario Nawfal’s Roundtable (@RoundtableSpace) November 28, 2024
Amrita Srivastava, a former Binance senior, is suing Binance’s UK branch, claiming she got fired for snitching on a bribery scheme.
She says someone at Binance took a bribe under the guise of "consulting," and she wasn’t… pic.twitter.com/8xT9IiUcVR
The case has spotlighted issues surrounding whistleblower protections and unfair dismissal in the UK.
Compensation for unfair dismissal in such cases is usually capped at around $150,000; however, whistleblower cases have no compensation limit, potentially raising the stakes for the crypto exchange.
The lawsuit, reported by Bloomberg on November 28, highlights broader concerns about ethical practices and corporate accountability in the cryptocurrency industry.
How the case unfolds in the UK legal system remains uncertain, but it underscores the importance of robust whistleblower protections in maintaining organizational integrity.
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