Binance Bank Account Scrutiny Heats Up Amid UAE Detentions

The recent detention of Binance employees in the UAE has raised questions about the exchange's handling of bank accounts.

According to reports, UAE law enforcement detained Binance employees at airports this summer and held one overnight in a Sharjah police station. Police found their names on a corporate bank account that Binance used to process customer deposits and withdrawals.

Binance Dubai launched direct fiat (AED) deposits and withdrawals on June 2, 2026. The exchange's own support documentation shows deposits moving by ADCB bank transfer into Binance FZE via virtual IBANs.

The incident has sparked concerns about the handling of customer funds, particularly in light of a similar incident in 2023 when US regulators probed Binance after discovering that a close associate of then-CEO Changpeng Zhao (‘CZ’) personally controlled corporate bank accounts and customer funds. In that case, Binance ended up paying a $4.3 billion settlement over US anti-money laundering and sanctions allegations.