Bitget Welcomes Syrian Users as US Eases OFAC Sanctions

Major crypto exchange Bitget announced on Thursday that it had enabled the onboarding of Syrian citizens, effective immediately.

Syrians, like their counterparts in other countries, can register on the platform and complete identity verification to access the full suite of services. This includes peer-to-peer (P2P) trading with local currency support, yield-generating products, spot and futures markets, and copy trading.

Additionally, they can access Bitget Earn products. These enable staking, lending, and structuring for passive income on crypto holdings, the team says.

We're thrilled to announce that #Bitget is now available to Syrian users.

Beginning today, residents of Syria are warmly welcomed to register, complete KYC, and enjoy full access to our suite of products and services.

Find out more: https://t.co/wAMHowifds pic.twitter.com/WdsQb7ZHt1

Moreover, all users gain multi-language support and 24/7 security monitoring via the mobile app and web platform. Bitget claims it has provided trading tools, educational content, and customer assistance for newcomers.

CEO Gracy Chen commented that the company aims to serve individuals in unstable economies, restricted banking, and/or political uncertainty.

Bitget says it will continue crypto access in regions where these assets “play a critical role in everyday life.” For Syrians specifically, Bitget will help in “maintaining safe, efficient, and user-friendly channels for participation in crypto via regional engagement and enhanced.

The Syrian Center for Economic Research publishes a proposal for the transitional government to legislate #Bitcoin in Syria and digitize the Lira pic.twitter.com/dEm8gwfzdP

Meanwhile, as reported at the start of this year, the Syrian Center for Economic Research (SCER), a non-governmental think-tank, was considering legalizing Bitcoin to help its struggling economy recover.

The news comes after, on 23 May, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) suspended sanctions against Syria. The goal is to “help rebuild Syria’s economy, financial sector, and infrastructure, in line with US foreign policy interests,” the press release says.

Today, the Department of the Treasury’s Office of Foreign Assets Control issued Syria General License (GL) 25 to provide immediate sanctions relief for Syria in line with the President’s announcement for the cessation of all sanctions on Syria. GL 25 authorizes transactions…

The easing of sanctions has allowed other companies to reopen in the country. Crypto exchange Binance resumed a range of crypto services for Syrians. “For years, people in Syria have watched the crypto world evolve, unable to participate. Not by choice, but by circumstance,” the exchange said. They can now “participate in the digital asset economy with 270+ million global Binance users.”

Please lift the embargo on Syria

Meanwhile, Bitget says that the inclusion of Syria “signals intent to enable access where it is most urgently needed.” This country, the team notes, has faced decades of conflict, economic isolation, and limited access to reliable financial systems.

In this absence of a stable banking infrastructure, “crypto has strong real-life use cases, as a tool for survival, growth, and connectivity to the broader world,” it says. “The adoption of crypto in Syria shows a deeper truth about the role of crypto in places where traditional systems have failed or aren’t accessible either.”

Meanwhile, Bitget and Bybit are reportedly readying to scale back operations in Singapore after the Monetary Authority of Singapore (MAS) last week ordered all digital token service providers without a formal license to cease overseas activities.

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