Former Binance Executive Sues UK Arm Over Bribery and Dismissal Allegations

Srivastava claims her dismissal in May 2023 was retaliation for whistleblowing about a colleague’s alleged misconduct—a charge Binance firmly denies.

According to Srivastava, a colleague solicited a bribe from a customer, disguising it as a consulting fee to facilitate the customer’s integration into Binance’s platform. In her tribunal testimony, she stated, “I was not prepared to look the other way when someone had defrauded a customer and yet was still a part of the team. Bribery and fraud are not gray areas—they are unequivocally wrong.”

She raised the issue with Binance management in April 2023, expecting a thorough investigation. However, just a month later, she was dismissed, with the company citing poor performance as the reason.

Binance, however, contends that the bribery incident had already been identified by its internal audit team before Srivastava reported it. A spokesperson stated, “The decision to end her employment for poor performance predated concerns she raised.”

The lawsuit focuses on deeper internal issues at Binance, such as allegations of a disorganized and high-pressure work atmosphere. Srivastava, who joined Binance in 2022 after working at Mastercard, reported chaotic managerial procedures and an ambitious revenue-focused mentality. Her role on the Link platform—a project designed to connect external brokers to Binance—reportedly intensified under pressure to recover revenue losses tied to regulatory compliance issues.

These revelations add to Binance’s legal troubles globally, with ongoing regulatory scrutiny in key markets like the U.S.

This lawsuit emerges against the backdrop of Binance’s mounting legal woes. In the U.S., Binance settled civil charges in November 2023 for $4.3 billion, excluding an ongoing lawsuit from the Securities and Exchange Commission (SEC). The settlement also saw CEO Changpeng Zhao stepping down and pleading guilty to a felony charge, resulting in a brief prison sentence.

Binance’s global expansion efforts, such as its ventures in Thailand and Kazakhstan, aim to counterbalance these challenges. Yet critics argue the company’s rapid growth often comes at the expense of operational and ethical standards.

Srivastava’s case highlights the difficulties that whistleblowers confront in the digital currency industry, where openness and accountability are routinely examined. Srivastava is claiming damages for career and reputational injury caused by her dismissal under UK legislation, which allows for uncapped compensation for whistleblowers. She expressed sorrow: “My experience has been personally and professionally damaging, and it’s something I will have to work hard to overcome in the years ahead.”