Kingdom

United

when

A former senior employee at Binance has reportedly filed a lawsuit against the cryptocurrency exchange’s United Kingdom arm, making allegations including bribery and unfair dismissal.
According to a Nov. 28 Bloomberg report, former Binance employee Amrita Srivastava <a data-ct-non-breakable="null" href="https://www.bloomberg.com/news/articles/2024-11-28/ex-binance-executive-brings-whistleblower-claim-alleging-bribery" rel="null" target="null" text="null" title="null">sued</a> the crypto exchange in the UK, claiming that another worker solicited bribes from a customer. She alleged that she was unfairly dismissed from her position a month after bringing the matter to management’s attention in April 2023.&nbsp;
Srivastava alleged that the unnamed Binance employee accepted the bribe “under the guise of providing consultative services.” An exchange spokesperson reportedly said the alleged bribe “was already known,” and Srivastava’s employment was terminated for “poor performance” at the firm.
Related: <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/binance-co-founder-clarifies-binance-listing-policies" rel="" target="_self" text="null" title="https://cointelegraph.com/news/binance-co-founder-clarifies-binance-listing-policies">Binance co-founder clarifies asset listing policies, dispels FUD</a>
“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 gray area — it is most definitely wrong,” said Srivastava, according to the report.
It’s unclear how the lawsuit will proceed in the UK court system. Plaintiffs arguing unfair dismissal in the UK may receive up to roughly $150,000 if successful in court, while for whistleblowers, the compensation can be unlimited.
<h2 id="the-exchange-faces-legal-battles-in-the-us">The exchange faces legal battles in the US</h2>
In the United States, Binance has been <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/sec-sues-binance-in-us-district-court-for-unregistered-securities-operations" rel="" target="_self" text="null" title="https://cointelegraph.com/news/sec-sues-binance-in-us-district-court-for-unregistered-securities-operations">embroiled in a lawsuit</a> with the Securities and Exchange Commission since June 2023 over unregistered securities offerings. The exchange <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/us-officials-announce-binance-settlement" rel="" target="_self" text="null" title="https://cointelegraph.com/news/us-officials-announce-binance-settlement">settled with US authorities</a> over “civil regulatory enforcement actions” — excluding the SEC case — in November 2023.<iframe width="100%" height="315" src="https://www.youtube.com/embed/wYE8XSMau8c" frameborder="0" allow="accelerometer; autoplay; encrypted-media; gyroscope; picture-in-picture" allowfullscreen></iframe>
As part of the US settlement, Binance agreed to pay $4.3 billion and have then-CEO Changpeng Zhao step down and plead guilty to one felony charge. Zhao <a data-ct-non-breakable="null" href="https://cointelegraph.com/news/bitcoin-binance-see-downward-shift-cz-released" rel="" target="_self" text="null" title="https://cointelegraph.com/news/bitcoin-binance-see-downward-shift-cz-released">served four months in federal prison</a> and was released in September.&nbsp;
Magazine: <a data-ct-non-breakable="null" href="https://cointelegraph.com/magazine/5-incredible-uses-for-based-agents-and-nears-ai-assistant/" rel="" target="_self" text="null" title="https://cointelegraph.com/magazine/5-incredible-uses-for-based-agents-and-nears-ai-assistant/">5 incredible use cases for Based Agents and Near’s AI Assistant</a>

Ex-Binance employee sues UK exchange, alleging bribery: Report

Table of Contents

Cointelegraph

Other articles published on Nov 28, 2024

The Next Big Crypto Boom: 5 Tokens to Watch for 50,000% Growth!

Shiba Inu Coin’s Burn Rate Surges 4500%: What Does It Mean for SHIB?

Stellar Lumens (XLM) Powers Ahead with Bullish Momentum and Major Price Projections

Can INJ Break Resistance Amid Whale Sell-Offs?

Ethereum co-founder Jeffrey Wilcke sells another 20K ETH amid community discontent

Bitcoin and the “November 28” Phenomenon: $100K Target Just 4% Away

Join our free newsletter for daily crypto updates!