UAE authorities detained two Binance employees for questioning over third-party fund flows through a client money account.
Regulation & Gov ·
UAE authorities have detained two Binance employees in recent weeks to question them as part of an investigation into potential financial crimes at the crypto exchange. The New York Times reported the detentions, while Binance disclosed to Reuters that a small number of staff members were requested to provide statements during what the company characterized as a routine inquiry into third-party fund flows channeled through a Binance client money account.
Binance stated that the detained workers were not subjects of the investigation itself and have since been released. The exchange is now engaging with Dubai Police and other UAE regulatory bodies to set up formal coordination procedures for handling future inquiries of this nature.
The specific details of the financial crimes being investigated remain unclear, as does the scope of any broader regulatory scrutiny into the company's operations in the emirate.