Binance Resumes Full Crypto Services in Syria Following US Sanctions Easing

Binance has announced the resumption of full crypto services for Syrians, following the easing of US sanctions on Syria under General License 25. This move marks a significant step towards financial inclusion for the Syrian population, who have long been restricted from participating in the digital asset economy due to circumstances beyond their control.

According to Binance, Syrians can now securely engage in the digital asset economy alongside the 270+ million global Binance users. The exchange highlighted that Syrian residents will have full access to a wide range of Binance products and services, including spot and futures trading, staking, interest products, and Binance Pay. Additionally, Binance plans to support Syrians through educational initiatives and practical guidance to ensure a smooth, secure, and rewarding experience.

This development comes after the US Office of Foreign Assets Control (OFAC) issued General License 25 on May 23, which effectively suspends the agency’s sanctions targeting Syria. This decision was made following President Trump's order to cease sanctions against Syria, aiming to provide the nation with a fresh start.

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.