Binance Employees Reportedly Detained in UAE, Exchange Says "Routine Inquiry" and "Prompt Release"

Two employees of cryptocurrency exchange Binance were detained in the United Arab Emirates in recent weeks, according to a report released Thursday.

Binance Employees Detained for Questioning?

The detentions were part of a broader investigation into potential financial crimes on the Binance platform, The New York Times reported, citing sources familiar with the matter.

Binance employees were arrested at an airport in the UAE. The report noted that a mid-level employee was detained in Sharjah, taken to a police station, and held overnight. Another official from Binance's Dubai subsidiary was questioned at a police station in July.

Binance Says Employees Underwent "Routine Inquiry"

A Binance spokesperson said a "small number" of the company's employees were asked to provide standard statements to UAE authorities as part of a routine inquiry related to third-party fund flows.

The company said its employees were never the target of these inquiries, and all employees who provided statements have been "promptly released."

The Ministry of Interior did not immediately respond to a request for comment.

Binance Faces Regulatory Scrutiny Not for the First Time

Binance, the world's largest cryptocurrency trading platform, has faced scrutiny from global law enforcement agencies.

In 2023, Binance pleaded guilty to federal charges involving anti-money laundering violations, failure to register as a money services business, and violations of U.S. sanctions.

The company paid a $4.3 billion fine—one of the largest corporate penalties in U.S. history. Founder Changpeng Zhao pleaded guilty to failing to implement proper oversight and served four months in prison.

Binance's head of financial crime compliance for the U.S. was detained in Nigeria in February 2024, when the country's government was cracking down on cryptocurrency exchanges. He was held for nearly eight months before being released, aided by diplomatic pressure.