Two Binance employees were detained at airports in the United Arab Emirates in recent weeks amid police inquiries into possible financial crimes involving the cryptocurrency platform, The New York Times reported, citing four people familiar with the matter.
According to the report, the two employees were stopped at airports in the UAE. It remains unclear what specific matters authorities were investigating.
Binance told Reuters that a small number of its employees had been 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 cryptocurrency exchange said the employees were not targets of the investigation and had been cleared and released.
“Cryptocurrency and the mechanics of institutional client money accounts remain emerging concepts in many jurisdictions,” Binance said, adding that it was working with Dubai Police and authorities across other Emirates to establish clear coordination procedures.
The developments come as Binance continues to face regulatory and legal scrutiny in several jurisdictions. In 2024, Nigerian authorities charged Binance and its then head of financial crime compliance, Tigran Gambaryan, with laundering more than $35 million. Both Gambaryan and Binance denied the allegations.
Binance secured a licence to conduct operations in Dubai in 2022, strengthening its presence in the UAE as the country sought to establish itself as a global hub for digital assets and cryptocurrency businesses.
The latest reported detentions come amid increasing scrutiny of cryptocurrency companies and their compliance with financial crime, anti-money laundering and client-fund requirements across global markets.