Law enforcement authorities in the United Arab Emirates detained Binance employees at airports this summer, with one held overnight in a Sharjah police station, their names appearing on a corporate bank account used to process customer deposits and withdrawals. These detentions echo the 2023 incident in which Binance paid a $4.3 billion settlement to US authorities over anti-money laundering and sanctions violations, after an associate of CEO Changpeng Zhao personally controlled corporate bank accounts and customer funds. Binance states that the employees were « promptly cleared and released » following inquiries relating to third-party fund flows, and that they were « never the targets or subjects of these inquiries. » In early 2025, Abu Dhabi state-backed MGX invested $2 billion into Binance via USD1, a stablecoin of Donald Trump’s family World Liberty Financial, a few months before Trump pardoned CZ in October 2025.
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