Binance Launches Full Services in Syria After Sanctions Ease

Binance, one of the world’s largest crypto exchanges, has launched its platform in Syria, following the easing of U.S. and European Union sanctions in May. This move allows Syrian residents to access a full suite of crypto services, including spot and futures trading, staking, interest products, and Binance Pay. The exchange has highlighted that Syrian residents will have full access to a wide range of Binance products and services, enabling them to securely engage in the digital asset economy alongside the 270+ million global Binance users.

The decision to lift sanctions on Syria was made by the U.S. Office of Foreign Assets Control (OFAC) on May 23, following President Trump's order to cease sanctions against Syria. This move aims to provide the nation with a fresh start and support its economic recovery. The Syrian economy has faced significant challenges, with a shrinkage of over 60% since 2010 and the Syrian pound losing over 99% of its value. These economic instabilities and high inflation have left many Syrian residents dependent on remittances, informal networks, and unreliable local currencies.

Despite these challenges, Syria ranked among the top 10 countries globally for crypto-related searches as of 2021, indicating a strong interest in digital assets. With the suspension of sanctions, Syrians can now act on their interest in cryptocurrencies. Binance's offerings reflect broader efforts to improve access to regulated financial products for Syrians, aligning with international efforts and applicable regulations. The exchange expressed excitement in welcoming the nation and supporting Syria’s economic recovery and the growth of its digital economy.

Last December, Syria expressed interest in legalizing Bitcoin to recover its beleaguered economy. This includes building a comprehensive regulatory framework for Bitcoin buying, selling, trading, and mining, in alignment with international and local laws. Binance's move to reopen its services in Syria is a significant step towards achieving this goal, providing Syrians with the tools and support needed to participate in the global digital asset economy. The exchange plans to support Syrians through educational initiatives and practical guidance to ensure a smooth, secure, and rewarding experience.

Binance’s rollout in Syria features a full access launch, allowing Syrians to trade at least 300 tokens, including Bitcoin, XRP, Dogecoin, Shiba Inu, Toncoin, and Bitcoin Cash. 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. Additionally, Syrian users will also be able to use Binance Pay for seamless cross-border remittances and get access to tailored educational content in Arabic.