Crypto exchange Binance starts operations in Syria after sanctions are lifted by Trump

Binance Launches Crypto Trading in Syria

Binance, recognized as one of the largest cryptocurrency exchanges globally, has become one of the initial platforms to operate in Syria following the easing of US and EU sanctions in May.

Residents of Syria can now access the Binance platform to trade various crypto assets, including Bitcoin (BTC), as noted in an announcement made Thursday.

This move follows a decision from US Secretary of State Marco Rubio on May 23, which aimed to provide some sanctions relief for the Syrian people. The European Union soon followed suit, lifting all economic restrictions imposed on Syria.

According to Binance’s announcement, “Previously, platforms like Binance did not offer services to Syrian users in compliance with the applicable sanctions.” However, Syria is now no longer viewed as a prohibited nation under the terms of the recently amended sanctions.

Full Access to Trading Features

The launch of Binance’s services in Syria allows users to trade over 300 tokens, including Bitcoin, XRP, Dogecoin (Doge), Shiba Inu (Shib), Toncoin (Ton), and Bitcoin Cash (BCH).

All trading features, such as spot trading, peer-to-peer (P2P) exchanges, and futures trading, are available only after users complete Binance’s verification process.

Syria’s users can also utilize Binance Pay for easy cross-border transfers and access educational resources specifically tailored in Arabic.

Increased Interest in Crypto Amid Conflict

The introduction of Binance in Syria comes at a time of ongoing strife within the country, particularly following the downfall of former President Bashar al-Assad in December 2024. The persistent economic instability and issues related to the Home Ministry might be fueling a heightened interest in cryptocurrency, given rising inflation and a considerable unbanked population.

In fact, as of 2021, Syria was recognized as one of the top ten countries globally for crypto-related search activities, alongside other conflict-ridden regions such as Libya and Palestine, according to a study by TradingView.

Data from the International Monetary Fund indicates that Syria had a population of 21.4 million in 2010, with a GDP estimated at $2,810 per capita. Some estimates suggest that as of 2016, up to 13 million Syrians were living abroad.