UAE detentions revive question about Binance bank accounts
The recent police detention of Binance employees in the United Arab Emirates (UAE) bears a resemblance to a 2023 incident when US regulators probed Binance after a close associate of then-CEO Changpeng Zhao (‘CZ’) personally controlled corporate bank accounts and customer funds.
According to the New York Times, UAE law enforcement detained Binance employees at airports this summer and held one overnight in a Sharjah police station. Police found their names on a corporate bank account that Binance used to process customer deposits and withdrawals.
Binance Dubai launched direct fiat (AED) deposits and withdrawals on June 2, 2026. The exchange’s own support documentation shows deposits moving by ADCB bank transfer into Binance FZE via virtual IBANs.
Certainly, any consequence of this year’s incident differs by orders of magnitude relative to three years ago.
In 2023, Binance ended up paying a $4.3 billion settlement over US anti-money laundering and sanctions allegations, whereas this month’s incident has so far cost Binance workers only two airport detentions and one night in police custody.
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