Two Binance employees were detained in UAE in recent weeks, NYT reports
A smartphone with displayed Binance logo and representation of cryptocurrencies are placed on a keyboard in this illustration taken, June 8, 2023. REUTERS/Dado Ruvic/Illustration
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Aug 20 : Two Binance employees were detained in the United Arab Emirates in recent weeks amid police inquiries into possible financial crimes on the cryptocurrency platform, the New York Times reported on Thursday, citing four people familiar with the matter.
The two employees were stopped at airports in the Emirates, the report said, citing two of the people with knowledge of the situation. It wasn’t immediately clear what authorities in the UAE were investigating, NYT said.
When asked about the NYT report, Binance told Reuters that a small number of its employees were asked to provide statements to UAE authorities as part of what it described as routine inquiries into third-party fund flows through a Binance client money account.
The employees were not targets of the probe and were cleared and released, Binance added.
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“Cryptocurrency and the mechanics of institutional client money accounts remain emerging concepts in many jurisdictions; we are working constructively with Dubai Police and authorities across other Emirates to establish clear, appropriate coordination procedures,” Binance said.
In recent years, Binance has faced regulatory and legal scrutiny in several regions. In 2024, Nigerian authorities charged Binance and its then head of financial crime compliance, Tigran Gambaryan, with laundering more than $35 million, allegations both Gambaryan and the exchange denied.
Binance secured a licence to conduct operations in Dubai in 2022.
Source: Reuters
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