Update (June 13, 9:00 am UTC): This article has been updated to add information about one more exchange launching full access to crypto trading in Syria on June 12.
Update 2 (June 13, 12:00 pm UTC): This article has been updated to add a comment from Binance’s MENASAT regional lead.
Binance, one of the world’s largest crypto exchanges, became one of the first crypto trading platforms to launch in Syria after the easing of US and European Union sanctions in May.
Syrian residents can now access Binance’s platform and trade crypto assets like Bitcoin (BTC), the company announced on Thursday.
The launch follows US Secretary of State Marco Rubio’s May 23 decision to lift sanctions on Syria, which was followed by the EU lifting all economic restrictions on the country.
“In compliance with applicable sanctions, platforms like Binance previously did not serve users in Syria,” Binance’s announcement noted, adding that Syria is no longer classified as a prohibited country under its terms of use with the latest sanctions relief.
Spot, P2P, futures trading available after KYC
Binance’s rollout in Syria features a full access launch, allowing Syrians to trade at least 300 tokens, including Bitcoin, XRP (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Toncoin (TON) and Bitcoin Cash (BCH).
All services, including spot trading, peer-to-peer (P2P) exchange, futures trading and earn programs, are only available once users complete Binance’s Know Your Customer (KYC) checks, Binance MENA highlighted in an announcement on X.
Bader Kalooti, Binance’s regional MENASAT lead, told Cointelegraph that Syrian users must complete standard Binance KYC to start using its services.
Additionally, Syrian users can use Binance Pay for seamless cross-border remittances and access tailored educational content in Arabic.
Ongoing conflict in Syria boosts interest in crypto
Binance’s launch in Syria comes amid an ongoing internal conflict in the country following the fall of former Syrian President Bashar al-Assad in December 2024.
Syria’s long-running economic instability and civil conflict have likely contributed to increasing interest in crypto due to growing inflation and the number of unbanked people.
Related: Crypto asset reserve bill lands in Ukraine’s parliament
In 2021, Syria ranked as one of the top 10 countries globally for crypto-related search activity, according to a study by TradingView, alongside other major conflict zones like Libya and Palestine.
According to data from the International Monetary Fund, Syria had a population of 21.4 million in 2010, with an estimated GDP per capita of $2,810. According to some estimates, up to 13 million people of Syrian descent resided outside the country as of 2016.
“We anticipate strong adoption but can’t disclose exact targets,” Kalooti said. The exec also mentioned that Binance takes responsibility to prevent illicit financial activity, including terrorism financing and money laundering, extremely seriously.
“Our compliance framework is robust, globally standardized, and continuously evolving to meet both international regulatory expectations and the specific needs of local markets,” Kalooti told Cointelegraph.
Some crypto exchanges have quickly followed Binance’s lead in Syria launch, with Bitget also opening doors to Syrian users with full access on June 12. “Effective immediately, Syrian users can now begin their journey with full platform functionality,” Bitget said.
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