Binance employees questioned by UAE authorities released after providing statements

Binance employees detained in UAE cleared and released

Two employees of Binance, a cryptocurrency exchange, were questioned by authorities in the United Arab Emirates (UAE) and later released. A Binance spokesperson told Cointelegraph that the employees were cleared after providing statements about third-party fund flows through a company client account.

The employees were stopped at UAE airports as part of police inquiries into potential financial crimes involving the exchange. Binance stated that the employees were not the targets or subjects of the investigation.

What the Binance spokesperson said

A Binance spokesperson explained that the situation involved routine inquiries by UAE authorities. The spokesperson noted that cryptocurrency and how institutional client money accounts work are still new concepts in many places. Binance is working with Dubai Police and other UAE authorities to create clear and proper coordination procedures.

Key details of the incident

• Two Binance employees were questioned by UAE authorities at airports.
• The employees were released after providing statements about third-party fund flows.
• Binance said the employees were not the focus of the investigation.
• The exchange is working with UAE authorities to improve coordination procedures.

Previous incident involving Binance in Nigeria

In 2024, Nigerian authorities detained Tigran Gambaryan, Binance’s head of financial crime compliance, for eight months. He faced money laundering charges but was released in October 2024 after the Nigerian government dropped all charges.

What is confirmed

• Binance employees were questioned by UAE authorities and later released.
• The employees provided statements about third-party fund flows through a client account.
• Binance stated the employees were not targets of the investigation.
• Binance is working with UAE authorities to establish clearer procedures.

What is still unclear

• The specific reasons for the initial detention of the employees at UAE airports.
• Whether the third-party fund flows under inquiry involved any wrongdoing.

Why this matters for crypto exchanges

This incident highlights the challenges cryptocurrency exchanges face as they operate in different countries with varying regulations. Since crypto is still a new industry, exchanges like Binance often work with local authorities to clarify rules and improve coordination. The release of the employees suggests that the situation was resolved without charges, but it also shows the importance of clear communication between exchanges and regulators.

Sources

• Cointelegraph
• The New York Times