Binance, one of the world’s largest crypto exchanges, became one of the first crypto trading platforms to launch in Syria after the easing of US and European Union sanctions in May.
Syrian residents can now access Binance’s platform and trade crypto assets like Bitcoin (BTC), the company announced on Thursday.
The launch follows US Secretary of State Marco Rubio’s May 23 decision to lift sanctions on Syria, which was followed by the EU lifting all economic restrictions on the country.
An excerpt from Binance’s announcement on launch in Syria on Thursday. Source: Binance
“In compliance with applicable sanctions, platforms like Binance previously did not serve users in Syria,” Binance’s announcement noted, adding that Syria is no longer classified as a prohibited country under its terms of use with the latest sanctions relief.
Spot, P2P, futures trading available after KYC
Binance’s rollout in Syria features a full access launch, allowing Syrians to trade at least 300 tokens, including Bitcoin, XRP (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Toncoin (TON) and Bitcoin Cash (BCH).
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, Binance MENA highlighted in an announcement on X.
Source: Binance MENA
Additionally, Syrian users can use Binance Pay for seamless cross-border remittances and access tailored educational content in Arabic.
According to data 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 some estimates, up to 13 million people of Syrian descent resided outside the country as of 2016.
This is a developing story, and further information will be added as it becomes available.
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