Binance Hit with UK Lawsuit Over Bribery Allegations By Ex-Employee Amrita Srivastava

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Amrita Srivastava, a former Binance Holdings executive based in London, sued the cryptocurrency exchange in the United Kingdom for bribery allegations. According to Srivastava, who worked on Binance’s Link platform that connected external brokers and customers to the exchange, a co-worker took money to ostensibly speed up integration to the firm.

Srivastava further claimed that the cryptocurrency exchange opted to dismiss her from work after raising the concerns, which she believes to be unfair treatment.

“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 noted.

Binance Response to the Tribunal

In response to Srivastava’s claims, Binance lawyers said that the company already had information on the bribery scandal and was actively investigating through the internal audit team. However, the exchange added that the decision to end Srivastava’s employment status was not based on the bribery report.

“The decision to end her employment for poor performance pre-dates concerns she raised about an issue that was already known under investigation by our internal audit team,” the exchange noted.

Binance has faced intense regulatory pressure in European countries amid the implementation of the Markets in Crypto Assets (MiCA) laws. The cryptocurrency exchange has already been fined more than $4 billion in the United States for violating money laundering laws.