The European arm of crypto exchange Binance faces a lawsuit from a former executive, who claims she was wrongfully terminated after alerting managers to an alleged bribery.

Amrita Srivastava worked for Binance’s Link platform until she was dismissed in May 2023 — just one month after raising concerns about bribery in the workplace. 

According to Bloomberg, Srivastava recently claimed at an employment tribunal that one of her co-workers accepted money to fast-track a customer’s integration “under the guise of providing consultative services.”

A “chaotic” work environment pressured staff to make up for a “revenue gap,” Srivastava said at the hearing, after it came to light that a quarter of Binance Link’s revenue came from an Iran-linked customer.

In 2022, it was reported that Binance served crypto traders in Iran despite US sanctions and processed almost $8 billion in transactions.

Read more: Hamas victims from the US sue Iran, Syria, Binance, and CZ

She claims to have then learned about the bribery through a customer who frequently traveled to the UK, who informed her that he gave money to her colleague.

“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,” Srivastava said.

However, Binance maintains that she was fired over “poor performance” that pre-dated the alleged bribery. The firm claims that by the time Srivastava blew the whistle, the matter was already under investigation. 

The person behind the alleged bribery has reportedly left the firm. 

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Bankrupt crypto exchange FTX has sued rival Binance and its former chief Changpeng Zhao to recover $1.8 billion worth of shares that it says were wrongfully repurchased by Sam Bankman-Fried back in 2021.

In 2019, Zhao purchased a 20% share in FTX for $80 million. Under the leadership of Bankman-Fried, FTX repurchased the shares in July 2021 for $2.2 billion.

Bankman-Fried claimed at the time that the repurchase “just makes sense.” He told Decrypt that he and Zhao “had been expecting it would go in that direction for a little while, and now seems like a decent time to just go ahead and get it done.

“And obviously they did quite well on the investment as well, so I certainly think it’s been a win for them.”

However, in a complaint filed on Sunday in Delaware bankruptcy court, FTX claimed that because FTX and its trading firm Alameda Research were “balance-sheet insolvent by early 2021,” the deal was fraudulent (via Bloomberg).

FTX claims Binance’s CZ intended to “destroy his rival”

Bankman-Fried also eluded to Binance’s problems with regulatory scrutiny in the Decrypt interview. Indeed, in a much later interview for Michael Lewis’ book, Going Infinite, Bankman-Fried said the repurchase catalyzed a “cold war” between the pair, leading to a back-and-forth of thinly veiled threats via Twitter.

FTX’s complaint filed on Sunday addresses this “cold war” by further alleging that Zhao had a hand to play in FTX’s collapse. In response to CoinDesk’s damning article on November 2, 2022, which claimed that Alameda’s balance sheet is propped up by FTX’s FTT token, Zhao posted on Twitter that Binance intends to liquidate its remaining $550 million worth of FTT.

Read more: Binance founder CZ made $12B overnight when Donald Trump won

Customers withdrew a whopping $2 billion in funds that day. By the following day, November 5, over $5 billion had been withdrawn. FTT dropped in value from $22 to $7.

The FTX complaint says that Zhao’s series of “false, misleading, and fraudulent tweets” were “maliciously calculated to destroy his rival.”

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When Donald Trump secured the 2025 US presidency on Tuesday night, some of the world’s richest men were celebrating their own, personal windfalls. No one made more money overnight than billionaire Elon Musk, for example, whose net worth popped from $264 to $290 billion within 24 hours of Trump’s victory. Shares of his automaker Tesla have soared 20% since Trump beat Kamala Harris.

However, the crypto industry also had its own, albeit slightly more modest, tale of newfound riches. According to an estimate by Bloomberg, the net worth of Binance founder Changpeng Zhao (CZ) rallied an estimated $12 billion from US election day to the following morning.

On Tuesday, Bloomberg said CZ was worth $38 billion. Today, it estimates him at $52.7 billion.

Forbes has its own, more generous methodology for estimating the Binance executive’s wealth. Although it does not provide a history of its estimates, as of today, Forbes claims he is worth $60.6 billion.

CZ’s wealth derives predominantly from his 90% equity in Binance, the world’s largest crypto exchange with more than 150 million registered users. Although the company is private and does not file publicly accessible financials, Bloomberg estimates the company generates $9.8 billion in annualized revenue from spot and derivatives transactions. 

CZ has also said he owns bitcoin and BNB personally.

Read more: A complete career timeline of Binance’s billionaire chief Changpeng Zhao

Analysts attributed CZ’s overnight enrichment to a rally in crypto prices following Trump’s win. With bitcoin up 7% this week and hundreds of billions of dollars added to global crypto market capitalizations, there were understandable increases in Binance’s equity value as a crypto-holding entity that benefits from the fortunes of its crypto-holding customers.

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Former Binance CEO Changpeng Zhao has moved to dismiss the Securities and Exchange Commission’s (SEC) amended lawsuit, claiming that the regulator can’t differentiate between crypto securities and Beanie Babies.

Binance and Zhao filed the motion to dismiss yesterday while alleging the SEC’s new filing “refuses to articulate any standard for courts, litigants, or market participants to know which crypto-asset transactions qualify as investment contracts, and which do not.” 

The SEC filed the lawsuit in June 2023 and amended it last month. It names Binance, BAM Trading Services Inc., and BAM Management US Holdings, alongside Zhao, as defendants. 

According to the motion to dismiss, winners and losers are being chosen “arbitrarily” by the SEC and “its non-test cannot differentiate securities from Beanie Babies at the pleading stage.” The filing then singles out five types of transactions that it believes the SEC has misinterpreted within its fresh allegations.

Read more: Binance founder CZ made over $25 million per day while in prison, report

The filing also wants to dismiss the SEC’s disgorgement request, calling it “meritless” and suggesting it would streamline the case by “avoiding burdensome and irrelevant discovery into Defendants’ finances.”  

It also asks the court to class the SEC’s request to limit Zhao’s participation in securities markets via BAM or Binance entities as “Moot.” Zhao was already banned from managing the Binance business as a part of his plea agreement.

Finally, its conclusion stated that, after 89 pages of court guidance, a hundred new allegations, and 16 months of expedited discovery, “the SEC’s amended claims still fail as a matter of law.”

“The problem is with the SEC’s legal theories, not the facts at its disposal,” it claimed.  

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Coinbase and Binance’s claims to offer zero-fee listings have been called into question by big-name players in the crypto industry who say both exchanges have charged tens of millions of dollars for listings.   

Late last week, Moonrock Capital CEO Simon Dedic wrote on X (formerly Twitter), about a “tier 1” crypto firm that he says, after a year of “due diligence,” was told to pay a sum equivalent to 15% of its token supply to list on Binance. Dedic said, “Imagine paying $50–$100 million just for a CEX listing.”

This prompted Coinbase CEO Brian Armstrong to proclaim, “Asset listings on Coinbase are free.” What followed was an industry-wide back-and-forth about the legitimacy of this statement. 

Andre Cronje, Chief Technology Officer at Sonic Labs, weighed in to point out that Binance charged his firm nothing. “Coinbase has asked us for; $300 million, $50 million, $30 million, and more recently, $60 million,” he said.

Tron creator Justin Sun also said that Binance charged him nothing. Coinbase, on the other hand, allegedly wanted $80 million worth of TRX and a $250 million bitcoin deposit.

Cronje said, “[Coinbase] can argue it isn’t a “listing fee,” but it is an “earn fee” which still translates into “cost to be listed.” I know the legal separation, but happy to post all the evidence and let the public decide.”

Coinbase listing fee argument might be about Earn program

Cronje’s stance wasn’t shared by everybody, however. Indeed, OKX’s Chief Marketing Officer called Coinbase “honest” and “transparent,” adding, “No way they charge listings ‘fees.’” 

Lunar Labs co-founder Luke Youngblood also disagreed with Cronje and said he might be talking about Coinbase’s Earn program, which he says is “a completely optional marketing program, and whether you participate in it has no bearing on getting listed.”

He added, “Moonwell declined Earn because the cost was high and still got listed.” He also initially suggested Cronje may have been in touch with fake Coinbase listings agents instead.

Read more: Launch of cbBTC, WBTC competitor, sparks Justin Sun hypocrisy

As for the Binance 15% fee claim, Binance co-founder and Chief Customer Service Officer Yi He called it FUD and said, “If the project does not pass the screening process, no matter how much money or how many coins will not be listed.”

She also described Cronje’s statement as speaking “the truth through the noise.” 

Coinbase’s site claims it doesn’t charge listing fees. Protos has reached out to Binance, Coinbase, Moonrock Capital, and Cronje for comment and will update if we hear back.

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Earlier today, Bitdeer’s mining partnership in Bhutan deposited 935 bitcoins worth around $66 million into an account on Binance. Reactions indicated that some people interpreted the move as preparations to sell the coins.

According to Arkham Intelligence, the coins were moved in two separate transactions of $59.2 million and $7.3 million on Tuesday morning shortly after the world’s leading cryptocurrency crept above the $70,000 threshold.

Since 2019, Jihan Wu’s mining giant Bitdeer and its partnership with Druk Holding & Investments, a sovereign wealth manager for Bhutan, has been steadily growing its bitcoin mining operations. The partners have, according to Arkham Intelligence, amassed a trove of 12,456 bitcoins worth somewhere in the region of $890 million.

For context, boldly pro-bitcoin El Salvador has amassed fewer than 6,000 bitcoins as of last month.

Bitdeer has quietly made bitcoin an increasingly important role in Bhutan’s economy since Druk first started acquiring the currency via its partnership. Although Bitdeer provided considerable financing for the project, initial cost basis estimates on Arkham display near $5,000 per coin.

Read more: Bitcoin lobbying group warns UK not to sell its 61,000 bitcoins

The country allegedly made the move into bitcoin mining in the face of falling tourism revenues — caused largely by the COVID-19 pandemic. More importantly, Bitdeer realized that the poor country’s abundant hydroelectric resources would power significant mining operations while maintaining its veneer of environmental sustainability.

Indeed, Bitdeer has become such a significant part of Bhutan’s economy that, according to local outlet The Bhutanese, the country used bitcoin to fund a 50% salary increase for certain government officials.

As reported by Forbes, the country took the $72 million decision during an economic crisis that saw the its foreign currency reserves fall to just $689 million — only just enough to cover 14 months of imports.

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Binance executive Tigran Gambaryan has been denied bail in Nigeria while facing money laundering charges, on the grounds that an appeal to his first bail denial is still pending.

A Federal High Court in Abuja rejected Gambaryan’s bail application on Friday. Justice Emeka Nwite maintained that Gambaryan’s health has not deteriorated further since that first bail denial, and that he is receiving appropriate healthcare while in detainment.

Since Gambaryan’s appeal remains open, his lawyer has no legal ground to request bail again. “On this leg alone, this bail application is bound to fail,” Nwite said (via Nairametrics).

This is the second day in a row that Gambaryan was in court requesting bail. Yesterday, his court hearing was postponed due to Nwite blowing him off for a seminar at the National Judicial Institute.

Read more: ‘This is f*cked up!’ Binance exec claims Nigerian court denied him wheelchair

Binance’s former head of financial compliance says he has faced significant health problems while held in Kuje prison, also home to members of Boko Haram. Gambaryan has had malaria, pneumonia, tonsillitis, and a herniated disc, CoinDesk reports. However, state prosecutors say that he has exaggerated his illness and refused medical treatment.

The 39-year-old was arrested in February alongside fellow Binance exec Nadeem Anjarwalla, the former regional manager of Africa. However, Anjarwalla managed to escape while the pair were being escorted to a mosque.

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Detained Binance executive Tigran Gambaryan will have to wait to find out if he’s been granted bail by a Nigerian court after the presiding judge chose to attend a legal seminar instead of his scheduled hearing.

As reported by local news outlets, Judge Emeka Nwite chose on Wednesday to attend a seminar at the National Judicial Institute instead of the Abuja Federal High Court.  

As a result, the Gambaryan’s bail ruling has been rescheduled to take place on Friday. Binance compliance officer Gambaryan has been in prison since February this year and his ruling was deferred by Judge Nwite last month. 

Read more: ‘This is f*cked up!’ Binance exec claims Nigerian court denied him wheelchair

Gambaryan was arrested in February and charged with money laundering alongside fellow Binance exec Nadeem Anjarwalla. However, Anjarwalla fled the country in March, escaping from the guest house in which the pair were staying after being led to a mosque to pray.

Lawyers representing Gambaryan argue his health has deteriorated since being detained due to the negligent treatment of prison officers. Indeed, he was filmed last month begging for a wheelchair and claiming to be in pain while walking to a court hearing.

Despite this, state prosecutors say he shouldn’t be granted bail, that he has exaggerated his illness, and has refused medical treatment. 

The US, however, has repeatedly signaled that Gambaryan should be released. A senior official at the Nigerian Ministry of Foreign Affairs claimed they are attempting to gain consular access to the exec in order to check on his health.

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Fans of Binance cheered on September 27 when founder Changpeng Zhao (CZ) walked free from US Bureau of Prisons custody. One of crypto’s wealthiest entrepreneurs had seemingly emerged victorious – fines paid, prison sentence served, and according to Forbes, billions of dollars richer. 

However, a health check of the market indicates that CZ was better for crypto prices while he was in prison.

Whether by luck or cause, CZ’s departure from his Lompoc II prison and California halfway house has been bad news for crypto investors. Indeed, Binance’s own estimate of the market capitalization of all crypto assets has declined by $200 billion since CZ was freed last week.

Binance’s own exchange token has fared even worse, declining 9% since his departure date.

CZ pleaded guilty to permitting money laundering on Binance, paid a $50 million fine, and received a four-month prison sentence. Many people were expecting his exit from custody to trigger a bull run — but it did the exact opposite.

“CZ officially released! Let the bullrun begin!” said one trader. “CZ is officially free. Hope your bags are packed. The bull run is undoubtedly here,” another cheered. “Bull market is officially on,” said another.

Read more: Explained: How bitcoin market sell orders cause flash crashes

Unfortunately, despite an endless stream of similar posts pouring onto social media, the anticipated October bull market — Uptober — never materialized. CZ has said nothing since his release except that food tastes better, and “let me chill for a bit.” While crypto waits for his next move, prices are drifting in the wrong direction.

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Former Binance chief Changpeng Zhao’s four-month prison stay might have actually been a pretty lucrative career move. Indeed, from the moment he entered a California prison earlier this summer to his release last week, the Binance founder might well have made more money than most executives could hope to earn in their lifetime.

Although his wealth is mostly derived from equity in privately held companies, Forbes’ calculations of CZ’s net worth indicate that he could have made billions of dollars personally while serving his prison sentence. In fact, according to one such estimate, he may have made $25 million for every day he was in prison.

However, it’s important to note that another news agency with a more conservative methodology, Bloomberg, estimates that CZ actually lost money while in prison.

Detailed commentary for these estimates appears below.

Determining the dates of CZ’s prison term

In November 2023, CZ pled guilty to wilful violations of the Bank Secrecy Act that enabled money laundering through Binance.com. As a result, he agreed to resign as CEO, pay a $50 million fine, and never again publicly dispute the Statement of Facts from the US government’s lawsuit against Binance.

The judge subsequently recommended the Seattle area prison Seatac. However, for nearly five weeks, post-sentencing due process and legal formalities delayed CZ’s prison entry.

Ultimately, the Bureau of Prisons admitted him to Lompoc II, a minimum security prison near Santa Barbara, on June 2, 2024.

Once in the custody of the Bureau of Prisons, the probation department scheduled his release for September 29. However, due to his release date landing on a weekend, he officially exited his Long Beach halfway house two days early. He tweeted a standard crypto greeting on the day of his release.

In summary, CZ was in prison 117 days from June 2 to September 27, 2024. Because he paid his $50 million personal fine before he entered prison, his fine is not a factor in determining his net worth change from entry to exit.

Read more: New CZ lawsuit will ‘put blockchain analytics on trial,’ says lawyer

CZ’s 117-day change in net worth 

Now with the exact dates known, the next challenge is to calculate CZ’s net worth change.

Although CZ has disclosed holdings of crypto assets BTC and BNB, most of his net worth is in the form of equity in Binance-affiliated companies. Sadly, because these companies are privately held and CZ has no obligation to publicly report his assets, this opacity makes it extraordinarily difficult to accurately calculate his net worth.

In truth, only CZ knows his own net worth.

Nevertheless, two news companies have attempted to estimate CZ’s personal wealth: Bloomberg and Forbes. Sadly, Forbes does not disclose its methodology.

Bloomberg, to its credit, rates its confidence at the lowest level possible (one out of five). It values CZ’s holdings of BTC, BNB, and Binance.us at $0 and also discounts the value of his Binance.com equity by 50% from the average EV-to-sales multiple of three peers: Coinbase Global Inc, Galaxy Digital Holdings Ltd, and Riot Platforms Inc.

On June 2, Bloomberg estimated CZ’s net worth at $36.5 billion. However, on September 27, it estimated it at $30.8 billion. Bloomberg analysts, therefore, believe that CZ lost money during his prison term.

Consider Forbes’ inverted estimate, however.

Forbes totally disagrees with Bloomberg

On September 27, Forbes estimated CZ’s net worth at $61 billion — nearly double Bloomberg’s estimate from the same date. This likely reflects Forbes’ non-zero estimates of CZ’s crypto assets and a more modest discount on his equity in Binance.us and Binance.com.

Unfortunately, Archive.org’s WayBack Machine did not archive Forbes’ estimate on CZ’s prison entry date of June 2. On the next-earliest available snapshot from May 7, the outlet estimated his wealth at $33 billion. On Archive.org’s next snapshot from July 12, this had rocketed to an estimated $57.8 billion.

Even assuming the higher of those two numbers for CZ’s June 2 prison entry, Forbes estimates that his net worth rose by at least $3 billion by the time he walked free. At a minimum, it is probably safe to assume that Forbes estimated CZ to have gained at least $3 billion — below $58 billion to $61 billion — during his prison term.

If true, that would mean that CZ gained $25 million per day in personal net worth for every day he served in prison.

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