Binance says 2 employees cleared after UAE detention

Binance said on Aug. 20 that two employees detained in the United Arab Emirates had been cleared and released after answering questions about third-party fund flows. Summary Two Binance employees were detained, questioned and released after UAE authorities examined third-party fund flows. Binance says the employees provided statements and were not targets of the authorities’ financial investigation. UAE authorities have not publicly detailed suspected offenses, named subjects or announced any formal charges. Binance FZE retains an active Dubai license covering exchange, brokerage, lending and investment services activities. The company says it is developing clearer coordination procedures with police authorities across the Emirates. The New York Times first reported the detentions, citing four people familiar with the matter. According to the report, authorities stopped the employees at airports in the Emirates during recent weeks. Binance later told Reuters that a small number of employees had provided statements during what the company called a “routine inquiry.” The inquiry involved third-party fund flows passing through a Binance client money account, according to the exchange....