Binance, one of the globe’s largest cryptocurrency exchanges, has emerged as one of the initial crypto trading platforms to operate in Syria following the relaxation of US and EU sanctions in May.
Residents of Syria can now utilize Binance’s platform and trade cryptocurrencies such as Bitcoin (BTC), the company declared on Thursday.
The launch follows US Secretary of State Marco Rubio’s May 23 resolution to remove sanctions on Syria, which was succeeded by the EU removing all economic barriers on the nation.
“In adherence to relevant sanctions, platforms like Binance had previously refrained from serving users in Syria,” Binance’s announcement remarked, adding that Syria is no longer considered a restricted nation under its terms of service with the recent sanction relief.
Spot, P2P, futures trading accessible after KYC
Binance’s entry into Syria offers full access, enabling Syrians to trade a minimum of 300 tokens, including Bitcoin, XRP (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Toncoin (TON), and Bitcoin Cash (BCH).
All services, encompassing spot trading, peer-to-peer (P2P) transactions, futures trading, and earning programs, are only available upon completion of Binance’s Know Your Customer (KYC) verification, Binance MENA emphasized in a statement on X.
Moreover, Syrian users can employ Binance Pay for effortless cross-border remittances and gain access to customized educational material in Arabic.
Ongoing turmoil in Syria increases crypto interest
Binance’s launch in Syria occurs during a persistent internal conflict in the nation following the fall of former Syrian President Bashar al-Assad in December 2024.
The prolonged economic instability and civil unrest in Syria have probably fueled greater interest in cryptocurrencies due to rising inflation and the increasing number of unbanked individuals.
Related: Crypto asset reserve bill introduced in Ukraine’s parliament
In 2021, Syria ranked among the top 10 nations globally for crypto-related search activity, according to a report by TradingView, alongside other significant conflict areas like Libya and Palestine.
According to figures from the International Monetary Fund, Syria had a population of 21.4 million in 2010, with an estimated GDP per capita of $2,810. According to various estimates, around 13 million individuals of Syrian origin lived outside the territory as of 2016.
Cointelegraph reached out to Binance for comments but had not received a response by the time of publication.
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