Key Takeaways
- Binance has launched its trading services in Syria after US and EU sanctions were lifted.
- Syrian users can trade bitcoin and over 300 assets, with access granted after KYC verification.
- Binance also offers cross-border payments and Arabic-language education to Syrian users.
Binance, one of the world’s largest digital asset trading platforms, has announced its official launch in Syria after the United States and European Union eased sanctions on the country in May.
Syrian residents can now access Binance’s full suite of services, including the ability to trade bitcoin and at least 300 other digital assets. The company stated on Thursday that, due to prior international sanctions, Syria was previously classified as a prohibited country in its terms of use.
Binance explained, confirming that the country is no longer restricted after recent sanctions relief:
“In compliance with applicable sanctions, platforms like Binance previously did not serve users in Syria.”
Spot, p2p, and futures trading after KYC
Syrian users can access spot trading, peer-to-peer (P2P) exchange, futures trading, and earn programs, but only after completing Binance’s Know Your Customer (KYC) process.
The rollout also includes Binance Pay for cross-border remittances and educational resources in Arabic tailored to the local population.
According to the International Monetary Fund, Syria’s population was 21.4 million in 2010, with a GDP per capita of $2,810. Estimates suggest as many as 13 million people of Syrian descent live outside the country.
The exchange’s move follows US Secretary of State Marco Rubio’s May 23 decision to lift sanctions, which was soon followed by the EU ending all economic restrictions. Binance is among the first major trading platforms to offer full access to Syrians since these developments.
