Two Binance employees were reportedly detained in the United Arab Emirates in recent weeks amid police inquiries into possible financial crimes linked to the cryptocurrency platform. The New York Times reported the development, citing four people familiar with the matter.
According to the report, the staff were detained at airports in the Emirates. One of the people was allegedly stopped at an airport in Sharjah, whereas officials interrogated another Binance executive.
The details of the questions asked by the UAE authorities are not yet known. These detentions have attracted attention. This comes after Binance got a license to work in the UAE in 2022.
The incident comes as Binance continues to face regulatory scrutiny across multiple markets. The cryptocurrency exchange has investigations and enforcement actions involving compliance, money laundering and financial regulations in several countries.
In 2024, Nigerian authorities charged Binance and its then financial crime compliance executive Tigran Gambaryan with laundering more than $35 million. Both Gambaryan and Binance denied the allegations.
The latest UAE episode also comes amid broader questions around cryptocurrency exchanges and the movement of funds through institutional and client accounts. Binance explained that its employees were questioned in connection with third-party fund flows and were not the focus of the investigation.
For now, the company maintains that the staff members were involved only in routine inquiries and were promptly cleared and released. The UAE authorities have not publicly detailed the specific issues under investigation.
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