Binance Reinstates Services in Syria as U.S. Lifts Restrictions

In a significant development, leading crypto exchange Binance has fully opened its platform to Syrian residents. This move follows the suspension of United States sanctions, which previously classified Syria as a “prohibited country.”

U.S. Lifts Sanctions on Syria

Last month, the Treasury’s Office of Foreign Assets Control lifted several long-standing economic sanctions, effectively ending most U.S. economic restrictions on Syria. U.S. President Donald Trump made the announcement earlier while in Saudi Arabia, where he met with the country’s new leader. His administration described the development as a positive step to alleviate humanitarian and economic suffering. 

The latest move allows U.S. individuals and institutions to engage in transactions with Syrian businesses and government entities. Thus, it signals a pivotal turning point not only for the Syrian economy. It also represents a significant shift for the broader crypto industry in a region historically isolated from global finance. 

Syria’s new leaders are aiming to make rapid progress in improving public services. This includes efforts to enhance internet connectivity after 14 years of civil war and decades of Western sanctions.

Binance Resumes Services in Syria

Following the regulatory shift, Binance swiftly removed Syria from its “Prohibited Countries” list. This move enabled Syrian users to fully access over 300 tokens, as well as spot and futures trading, staking, and stablecoins. The exchange also restored access to Binance Pay and introduced Arabic-language educational support.

Furthermore, the platform launched Binance P2P with Syrian pound (SYP) support. This allows Syrians to trade peer-to-peer in their local currency with BTC, USDT, ETH, BNB, and more. Binance’s move has been met with optimism. Crypto advocates see this as a milestone for financial inclusion, leading to more adoption of cryptocurrencies. 

Moreover, Binance’s swift reinstatement of services in Syria solidifies its position as a significant contender in the crypto world. It is not just a win for the exchange. It also potentially opens a new chapter for millions of Syrians, reconnecting them with the ever-evolving world of cryptocurrencies. 

However, the road ahead will most likely not be rosy. Innovation in the country will depend on policy consistency, institutional trust, and broader international engagement. Last month, the U.S. Securities and Exchange Commission (SEC) officially dropped its lawsuit against Binance.