Two Binance employees who were detained in the United Arab Emirates have been cleared and released after questioning, the exchange confirmed on Thursday.
The employees were stopped at airports in the UAE as part of police inquiries into possible financial crimes involving the exchange, according to a report by The New York Times. Binance stated the staff were not targets of the inquiries, which it described as routine.
A Binance spokesperson said the exchange is working with Dubai Police and authorities across other Emirates to establish clearer coordination procedures, noting that cryptocurrency and institutional client money accounts remain emerging concepts in many jurisdictions.
The inquiries focused on third-party fund flows through a client money account, the spokesperson added. Binance did not provide further details on the nature or timing of the detentions.
The development follows the detention of Tigran Gambaryan, Binance’s former head of financial crime compliance, by Nigerian authorities in 2024. Gambaryan was held for eight months on money laundering charges before the Nigerian government dropped all charges against him in October 2024.
