Binance has announced that it has resumed offering a wide range of crypto services for Syrians, following the easing of US sanctions on Syria under General License 25.
“For years, people in Syria have watched the crypto world evolve, unable to participate. Not by choice, but by circumstance,” the exchange said in an official release.
“Syrian residents can now securely participate in the digital asset economy with 270+ million global Binance users.”
On May 23, the US OFAC issued the license, which effectively suspends the agency’s sanctions targeting Syria. This came after President Trump ordered “the cessation of sanctions against Syria to give them a fresh start,” during an appearance at the Gulf Cooperation Council summit in Riyadh.
Syrians Gain Full Access to Binance’s Products, Services
Binance noted that residents of Syria get “full access to Binance products and services.” This includes services such as spot and futures trading, staking, interest products, and Binance Pay.
Further, Binance would also support Syrians via educational initiatives and practical guidance.
These offerings reflect broader efforts to improve access to regulated financial products for Syrians. “We’re here to ensure your experience is smooth, secure, and rewarding,” wrote Binance, adding that the exchange is excited to welcome the nation.
Last December, the Middle Eastern nation said that it is considering legalising Bitcoin to recover its beleaguered economy. This includes building a comprehensive regulatory framework for Bitcoin buying, selling, trading and mining, aligning with international and local laws.
Crypto Comes to Syria Amid Economic Instability, High Inflation
The Syrian economy has shrunk by over 60% since 2010, per World Bank estimates. Additionally, the Syrian pound (SYP), which was once relatively stable, has lost over 99% of its value since then.
“For years, economic instability and high inflation left many Syrian residents dependent on remittances, informal networks, and unreliable local currencies,” Binance noted. “Combined, these challenges likely contributed to Syria’s consistently high interest in Crypto.”
However, the embattled nation ranked among the top 10 countries globally for crypto-related searches as of 2021.
With the sanctions being suspended, Syrians “can finally act on that interest,” it added.
“At Binance, we believe financial freedom should be for everyone, and we’re proud to offer real solutions that support Syria’s economic recovery and help grow its digital economy, in line with international efforts and applicable regulations.”
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