Binance Employees Detained by UAE Police Amid Investigation
Binance, one of the world's largest cryptocurrency exchanges, has been embroiled in a police investigation in the United Arab Emirates. According to a report by the New York Times, two Binance employees were detained at airports in the UAE in recent weeks as part of an inquiry into possible financial crimes on the platform.
The NYT reported that the employees were stopped and questioned by authorities, but it was unclear what exactly they were being investigated for. When asked about the report, Binance stated that a small number of its employees had been asked to provide statements to UAE authorities as part of routine inquiries into third-party fund flows through a Binance client money account.
The exchange claimed that the employees in question were not targets of the probe and were subsequently cleared and released. Binance also emphasized its commitment to working with authorities across various jurisdictions to establish clear procedures for handling institutional client money accounts, which are still an emerging concept in many regions.
This latest development is part of a larger trend of regulatory scrutiny faced by Binance in recent years. In 2024, Nigerian authorities charged the exchange and its then head of financial crime compliance, Tigran Gambaryan, with laundering more than $35 million, allegations both Gambaryan and the exchange denied.