Binance Welcomes Syria After US Sanctions Relief

Binance, one of the world’s largest crypto exchanges, has become one of the first crypto trading platforms to launch in Syria after the easing of US and European Union sanctions in May.

Syrian residents are now able to access Binance’s platform and trade crypto assets like Bitcoin (BTC), the company announced on June 12.

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.

“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.

Additionally, Syrian users will also be able to use Binance Pay for seamless cross-border remittances and get access to 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 estimations, up to 13 million Syrians of descent reside outside Syria as of 2016.

This is a developing story, and further information will be added as it becomes available.

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