Binance Expands to Syria After Sanctions Lifted, Offers 300 Cryptocurrencies

Binance, the world's largest cryptocurrency exchange, has expanded its services to Syria following the lifting of sanctions by the United States and the European Union. This move allows Syrian users to access the Binance platform, enabling them to trade in over 300 cryptocurrencies, including Bitcoin, XRP, Dogecoin, Toncoin, Shiba Inu, and Bitcoin Cash. The exchange supports spot, futures, and peer-to-peer (P2P) trading after users complete the Know Your Customer (KYC) verification process. Notably, the Syrian pound is now usable for direct crypto purchases, providing a seamless way for local users to engage in digital asset transactions.

The decision to open services in Syria comes after significant regulatory changes. The United States suspended sanctions on Syria following diplomatic intervention, and the European Union subsequently removed its economic restrictions. This regulatory shift allowed Binance to remove Syria from its list of restricted jurisdictions, paving the way for full access to its platform for Syrian users. The exchange has confirmed that Syrian users can create accounts and participate in the digital asset economy, provided they meet all identification and compliance procedures. Binance Pay is also available to users for international remittances and crypto transfers.

The launch of Binance's services in Syria is particularly significant given the country's recent history. The civil war and economic turmoil have left Syria's financial infrastructure in disarray, with many residents relying on informal networks to meet their basic financial needs. The high inflation and collapse of the local currency have made cryptocurrencies an attractive alternative for Syrians. The new access to Binance could reinforce this demand by providing secure and regulated services, thereby promoting financial inclusion and independence.

Binance's entry into the Syrian market is part of a broader strategy to promote financial inclusion in underserved areas. The exchange aims to provide Arabic-based educational resources to guide new users in learning about crypto tools, further facilitating their integration into the digital economy. This initiative is expected to set a precedent for other exchanges, potentially leading to broader implementation of digital assets in vulnerable economies affected by sanctions.

The expansion into Syria marks a major milestone for Binance as it continues to grow its presence in the Middle East and North Africa (MENA) region. By providing access to decentralized finance products, passive income initiatives, and staking solutions, Binance offers Syrian users new financial opportunities. This move not only supports individual financial independence but also fosters local entrepreneurship, contributing to the economic recovery and development of the region.