Michaela
Binance, the world’s leading cryptocurrency exchange, has announced it will now permit users in Syria to engage in cryptocurrency trading, including assets such as Bitcoin (BTC), SHIB, and XRP. This expansion follows the United States’ decision last month to lift economic sanctions previously imposed on the country.
“We believe financial freedom should be accessible to everyone. And now, with US sanctions lifted, we’re excited to announce that Syrian residents can finally join our 270 M+ global users shaping the future of finance,” Binance wrote in an official statement on X.
Binance further clarified that Syrian nationals will be granted comprehensive access to its platform, featuring over 300 cryptocurrencies and stablecoins. This full suite of services, including spot trading, futures, various Earn products, and peer-to-peer (P2P) trading, will become available once users successfully complete their Know Your Customer (KYC) identity verification process.
In a significant policy shift last month, the United States removed a number of sanctions against Syria, a move soon followed by the European Union’s decision to lift its own economic restrictions on the country. President Donald Trump indicated that his administration’s decision stemmed from a request by Saudi Arabia, which had actively championed the easing of these measures.
As part of the expanded services, Syrian account holders will also gain the ability to utilize Binance Pay for streamlined international money transfers and access specialized educational resources provided in Arabic.
Amidst profound economic instability, rampant inflation, and a significant unbanked population, Syrians have shown increasing interest in cryptocurrencies as a vital financial alternative.
In January, the Syrian Center for Economic Research (SCER) put forth a proposal advocating for the legalization of Bitcoin and the digitization of the national currency. This initiative is intended to serve as a pivotal element in Syria’s post-Assad government reconstruction efforts, aiming to stabilize its conflict-affected economy, draw in foreign investments, and respond to prevailing global financial challenges.
A central aspect of the SCER’s initiative involved stabilizing the national currency by digitizing the Syrian pound on a blockchain, with its value underpinned by a diversified reserve of BTC, gold, and U.S. dollars. Furthermore, the proposal advocated for leveraging the nation’s energy resources to support Bitcoin mining operations, concurrently aiming to establish a comprehensive legal framework for both mining and trading BTC within the country.
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Michaela has no crypto positions and does not hold any crypto assets. This article is provided for informational purposes only and should not be construed as financial advice. The Shib Magazine and The Shib Daily are the official media and publications of the Shiba Inu cryptocurrency project. Readers are encouraged to conduct their own research and consult with a qualified financial adviser before making any investment decisions.
