Binance Employees Detained Amid UAE Probe Into Client Money Handling

Two employees of Binance, the cryptocurrency exchange, were detained in the United Arab Emirates (UAE) in recent weeks amid police inquiries into possible financial crimes on the platform. According to a report by the New York Times, citing four people familiar with the matter, the two employees were stopped at airports in the UAE.

The authorities in the UAE are reportedly investigating Binance's handling of client money accounts. Binance stated that a small number of its employees were asked to provide statements as part of routine inquiries into third-party fund flows through a Binance client money account. The exchange claimed that the employees were not targets of the probe and were cleared and released.

Binance has faced regulatory scrutiny in several regions in recent years. In 2024, Nigerian authorities charged Binance with laundering more than $35 million, allegations both Gambaryan and the exchange denied. Binance secured a license to conduct operations in Dubai in 2022.