UAE authorities release Binance staff members following questioning and clearance
Two Binance staff members have been released and cleared by authorities in the UAE following interviews regarding third-party financial transactions processed through a corporate client account, according to a company representative speaking to Cointelegraph.
Personnel from Binance who had been held by authorities in the United Arab Emirates have been released and cleared following their provision of testimony regarding third-party financial movements through a corporate client funds account, according to a representative from the cryptocurrency exchange speaking with Cointelegraph.
According to a Thursday report from The New York Times, a pair of Binance staff members were taken into custody following their interception at UAE airport facilities during police investigations into potential financial criminal activities connected to the trading platform.
The staff members were neither targets nor subjects of what the cryptocurrency exchange characterized as "routine inquiries."
Cryptocurrency and the mechanics of institutional client money accounts remain emerging concepts in many jurisdictions; we are working constructively with Dubai Police and authorities across other Emirates to establish clear, appropriate coordination procedures.
Binance spokesperson
During 2024, authorities in Nigeria held Tigran Gambaryan, who at the time served as Binance's head of financial crime compliance, for a period of eight months as he confronted allegations of money laundering.
The Nigerian government ultimately dismissed all accusations against Gambaryan by October 2024.