Crypto exchange Binance launches in Syria after Trump lifts sanctions

Binance, a leading global cryptocurrency exchange, has emerged as one of the first crypto trading platforms to extend its services to Syria following the recent easing of sanctions by the United States and the European Union in May.

As of June 12, Syrian residents can now access the Binance platform and engage in the trading of various crypto assets, including Bitcoin (BTC).

This expansion follows the decision made on May 23 to lift sanctions on Syria, which was subsequently mirrored by the EU's removal of all economic restrictions on the country.

Binance's announcement highlighted that, previously, due to applicable sanctions, platforms such as Binance were unable to serve users in Syria. However, with the latest sanctions relief, Syria is no longer classified as a prohibited country under Binance's terms of use.

Full Access Rollout with KYC Compliance

Binance's launch in Syria provides full access to its platform, enabling Syrian users to trade at least 300 different tokens, including popular cryptocurrencies like Bitcoin, XRP (XRP), Dogecoin (DOGE), Shiba Inu (SHIB), Toncoin (TON), and Bitcoin Cash (BCH).

Binance MENA emphasized in an announcement on X that all services, encompassing spot trading, peer-to-peer (P2P) exchange, futures trading, and earn programs, are accessible only after users successfully complete Binance’s Know Your Customer (KYC) verification process.

Furthermore, Syrian users will also benefit from Binance Pay, facilitating seamless cross-border remittances. They will also gain access to educational resources tailored specifically for the Arabic-speaking audience.

According to data from the International Monetary Fund, Syria's population in 2010 was 21.4 million, with an estimated GDP per capita of $2,810. As of 2016, estimations suggest that up to 13 million people of Syrian descent reside outside of Syria.

This is an ongoing development, and updates will be provided as more information becomes available.