Two Binance Employees Detained in UAE Police Probe

Two employees of cryptocurrency exchange Binance were detained and questioned by police in the United Arab Emirates in recent weeks as part of investigations into possible financial crimes on the platform, according to people familiar with the matter. The detentions represent a serious legal development for the company in the region where it is headquartered. The employees were stopped at airports in the Emirates. One midlevel staff member was stopped while traveling through Sharjah this month, taken to a police station, and held overnight. A third Binance official, who leads the company's Dubai-based subsidiary, was questioned at a police station in July. All individuals have since been released and cleared after providing statements. Binance described the incident as a routine inquiry. "A small number of our personnel were recently asked to provide standard statements to local authorities as part of routine inquiries relating to third-party fund flows. Our employees were never the targets or subjects of these inquiries, and all who provided statements were promptly cleared and released," a Binance spokesman said in a statement.