Binance, one of the largest cryptocurrencies worldwide exchanges, has announced its entry into the Syrian market after removing certain sanctions from the US Treasury (OFAC).

This move marks a major turning point for millions of Syrian residents, who had previously been excluded from the world of cryptocurrencies due to international sanctions, Coin World notes.

For many years, Syrians did not have access to large cryptocurrency platforms, such as Binance, which limited their ability to participate in the digital economy. The depreciation of the local currency and dependence on remittances by family members abroad have led many Syrians to seek alternative economic solutions. By lifting sanctions, Binance removed Syria from the list of banned countries, allowing Syrian residents to access a wide range of encryption services.

Binance aims to support new Syrian users through educational tools and support in the Arabic language, ensuring that everyone can use cryptocurrencies easily and safely. The platform now offers Syrian users a full range of services, including Spot and Futures, Stablecoins and Binance Pay for cross -border payments.

Syrians’ interest in cryptocurrencies is great, as evidenced by the region’s ranking in internet searches. Many Syrians were willing to learn about digital coins, but they didn’t have a safe and legal way to get started. By lifting sanctions, Syrians now have the opportunity to participate in various cryptocurrency activities, such as the Bitcoin market, the USDT sending to the family abroad, or the obtaining yields from cryptocurrency portfolios.

Relaxation of sanctions

Relaxation of sanctions by the US government includes wide authorizations that allow for various economic activities in Syria. Ofc’s general permit (GA) 252 allows US persons to participate in transactions previously prohibited by sanctions regulations in Syria, with exceptions for excluding transactions. This includes the provision of services, new investments and the import of oil and oil products from Syria.

At the same time, the US government has taken additional measures to relieve sanctions. The State Department has issued a Caesar law exemption, allowing non -American persons to participate in activities allowed for US persons from the G 252 without fear of secondary sanctions. This derogation is due to end after 180 days.

FinCen also issued an exceptional exemption that allows US banks to open and maintain a bank correspondence with the Syrian trade bank, which had previously been designated as a financial institution that raises primary concern for money laundering. In addition, FinCen has withdrawn two previous Syria tips, warning US financial institutions of the risk of transactions related to persons who have been specifically designated for sanctions.

The risks remain

Despite the relaxation of sanctions, there are still risks and restrictions that businesses operating in Syria should take into account. These include restrictions on the G 252, restrictions associated with individuals and entities that have been characterized by their links to Assad regime, export restrictions imposed by various countries and the risk associated with the continued Syrian regime as a terrorist state.

In addition, Syria is included in the gray list of the Financial Action Team (FATF), which identifies jurisdictions with strategic deficiencies in their regimes to combat money laundering such as terrorism funding. Financial institutions must be very careful when they deal with the increased risk associated with the fight against money laundering and financial crime.

Businesses wishing to enter the Syrian market should ensure that the procedures for monitoring their transactions and the possibilities of penalties can identify and exclude activities that may be indicative of terrorism funding, sanctions and other threat funding funding.