Binance Resumes Services in Syria After US Sanctions Lifted

Binance, a leading global cryptocurrency exchange, has announced the resumption of its services in Syria, ending a years-long access blockade. This move allows millions of Syrian users, who were previously excluded from the digital asset economy, to join Binance’s extensive network of over 270 million users worldwide.

Previously, Binance was unable to offer services to users in Syria due to US sanctions. However, with the recent lifting of these sanctions, Syria is no longer classified as a “Banned Country” in Binance’s Terms of Use. This significant change enables Syrian users to access all of Binance’s products and services, including over 300 crypto assets such as BTC, XRP, DOGE, SHIB, TONCOIN, and BCH. Additionally, users will have access to spot and futures trading, staking and earn products, ease of transaction with stablecoins, fast and low-cost cross-border transfers with Binance Pay, Arabic educational content, and dedicated support with secure onboarding processes for local users.

This development is particularly important for Syria, which has a population of about 24 million, along with an estimated 8 million to 15 million Syrians living abroad. Many Syrians have turned to cryptocurrencies as a means to navigate years of economic crisis, high inflation, and the instability of the local currency. In 2021, Syria ranked among the top 10 countries worldwide in terms of crypto search interest. However, technical and legal barriers made it challenging to convert this interest into practical use. With Binance’s entry into the market, Syrian individuals and businesses can now participate in the crypto world directly and securely.

Binance’s provision of Arabic support and localized educational content further facilitates easier access to information and financial tools for users in Syria. This move not only expands Binance’s user base but also provides a crucial financial lifeline to a region grappling with economic instability. By offering a secure and user-friendly platform, Binance aims to empower Syrian users to engage in the global digital asset economy, fostering financial inclusion and economic resilience.