Crypto Controversy: Binance Sued for Bribery and Unfair Dismissal in UK

Amrita Srivastava, a former executive at Binance Holdings, has filed a lawsuit against the cryptocurrency exchange in the UK, accusing the company of mishandling bribery allegations. Srivastava, who worked on Binance’s Link platform connecting brokers and customers to the exchange, claims a co-worker accepted a bribe to speed up the integration process.

Srivastava says that after she raised concerns about the bribery, Binance unfairly dismissed her.

“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.

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Binance Responds to the Allegations

In response, Binance’s lawyers stated that the company was already aware of the bribery issue and was investigating it through its internal audit team. However, Binance emphasized that Srivastava’s dismissal was unrelated to the bribery claim.

“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,”

Binance’s Regulatory Challenges

This legal case adds to the pressure Binance is already facing from regulators in Europe, especially with the new Markets in Crypto Assets (MiCA) laws in effect. The exchange has also been fined over $4 billion in the United States for breaching anti-money laundering regulations.