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When a Saudi wants to trade Bitcoin, Ethereum, or any other digital token, they need to reach a Cryptocurrency Exchange is a platform that lets users buy, sell, or swap crypto for fiat or other assets. The catch? Saudi Arabia does not officially recognize virtual currencies, and its central bank keeps a tight grip on any domestic banking involvement. Yet, a surprising 11.4% of the population-roughly four million people-still own crypto assets. How do they do it?
Regulatory Landscape: What the Rules Look Like
SAMA (Saudi Central Bank) says banks cannot handle crypto transactions unless they receive explicit permission. The 2018 government committee even labeled virtual currencies “illegal and unlicensed.” Since then, the language has softened: crypto is now treated more like an asset than a banned currency, but there is no dedicated legal framework yet. The anti‑money‑laundering law (Royal Decree M/20) broadly defines “funds” to include digital assets, meaning authorities could still pursue crypto users under existing AML rules.
So, while you won’t find a Saudi‑licensed exchange on the Riyadh stock market, the market has flourished through workarounds. Understanding those workarounds is the first step to successful Saudi crypto access.
Three Main Ways Saudis Reach Exchanges
Research from SimilarWeb shows that about 78% of crypto‑related web traffic from Saudi Arabia lands on international platforms. The remaining traffic splits between peer‑to‑peer (P2P) networks and a modest network of crypto ATMs. Below is a quick snapshot:
| Method | Typical Platforms | Key Benefits | Main Drawbacks |
|---|---|---|---|
| International Exchange | Binance, Bybit, OKX | Deep liquidity, advanced tools | Requires KYC, can face account freezes |
| P2P Marketplaces | LocalBitcoins, Paxful | Bank‑free fiat transfers, anonymity | Higher fees, fraud risk |
| Crypto ATMs | CoinATMRadar‑listed machines | Instant cash‑out, no account needed | Limited locations, 5‑10% fees |
Method 1: Registering on International Exchanges
Despite no local licence, Saudi users dominate the user bases of several global exchanges. Binance is the biggest, handling about $850million of daily Saudi trading volume in Q22024. Here’s what the typical journey looks like:
- Visit the exchange’s website (usually via a VPN if you want to hide your IP).
- Start the sign‑up flow and provide an email and strong password.
- Complete multi‑factor authentication-most platforms demand a Google Authenticator or SMS code.
- Upload a Saudi national ID (or passport) for KYC. According to Chainalysis, about 68% of Saudi applicants succeed on the first try.
- Link a funding method. Since local banks are off‑limits, users often use NOWPayments, a crypto‑focused payment processor that accepts credit cards and converts them into stablecoins.
- Buy a stablecoin (USDT, USDC) or directly purchase Bitcoin/Ethereum.
Why the VPN? While the kingdom does not block crypto sites, many users report occasional throttling during high‑traffic periods. NordVPN disclosed a 28% YoY growth in Saudi subscriptions in Q32024, driven largely by crypto users.
Common pain points: account freezes (33% of users have faced them) and withdrawal delays, especially if you try to pull money back into a Saudi bank. The workaround is to first move funds to a stablecoin, then use a P2P platform to find a local buyer who can pay you via an Alinma or AlRajhi transfer.
Method 2: Peer‑to‑Peer Marketplaces
When you want to avoid KYC or banking hurdles, P2P networks become attractive. LocalBitcoins and Paxful dominate the Saudi scene, accounting for roughly 37% of fiat‑to‑crypto conversions.
- Find a seller: Use the platform’s filter to select offers that accept SAR transfers to local banks.
- Escrow protection: The platform holds the crypto until you confirm receipt of the SAR in your bank account.
- Fees: Average transaction cost sits at 3.7%, but some sellers charge as low as 2% for high‑volume trades.
A popular community‑generated flow goes like this: convert SAR to USDT on a local aggregator called SaudiCrypto, then send the USDT to your Binance wallet. The whole cycle can be done in under three weeks, which matches the average onboarding time reported by a KAUST fintech study.
Reddit’s r/CryptoSaudi thread from March152025 outlines a step‑by‑step guide that has been up‑voted over 2,800 times. Users swear by it because it minimizes exposure to exchange freezes.
Method 3: Crypto ATMs
If you prefer cash, the kingdom now hosts 127 crypto ATMs across Riyadh, Jeddah, and Dammam. CoinATMRadar lists the exact locations and supported coins (mostly Bitcoin and Ethereum).
- Insert Saudi Riyal cash.
- Scan your wallet QR code.
- Receive crypto instantly (usually within 30 seconds).
Fees range from 5% to 10%, so ATMs are best for quick trades or emergency cash‑outs rather than regular investing.
Payment Workarounds: Getting Money In and Out
Because SAMA bars direct bank‑to‑exchange links, Saudis rely on a handful of clever payment channels:
- Crypto‑specific processors: NOWPayments handles 58% of Saudi crypto transactions, converting credit‑card purchases into stablecoins.
- Gift‑card conversions: Users buy local gift cards (e.g., STC Pay) on platforms like Redeem.com and trade them for crypto on P2P sites.
- Cross‑border remittance services: Wise and Revolut let you move dollars or euros into a foreign bank account, then top‑up an exchange.
All these routes add a layer of anonymity, which is why younger users (63% of the population) gravitate toward mobile apps and VPNs.
Risks and Protection: What Can Go Wrong?
The upside of unrestricted access is clear, but the downside is equally stark. In 2024, Saudi cyber‑crime officials logged 1,842 fraud cases involving crypto, with losses topping SAR1.2billion (~$320million). Common pitfalls include:
- Account freezes: Exchanges sometimes suspend accounts after SAMA inquiries. One Binance user reported a SAR150,000 freeze that lasted 87days.
- Scams on P2P: Fake sellers may claim they’ve received payment and disappear. Using escrow and only dealing with verified sellers cuts this risk.
- Legal exposure: While there is no explicit ban, the 2019 Ministry of Finance warning is still enforceable. Violations could lead to asset seizure under Article18 of the AML law.
Because there is no local consumer protection for crypto, best practice is to keep most holdings in a personal hardware wallet and only move what you need for trading.
Checklist: Practical Steps for Safe Saudi Crypto Access
- Choose a reliable VPN (preferably one with a Saudi‑friendly server).
- Pick a primary exchange (Binance, Bybit, or OKX) and complete KYC with your Saudi ID.
- Set up 2FA and store backup codes offline.
- Link a crypto‑payment processor like NOWPayments for deposits.
- If you prefer cash, locate the nearest crypto ATM via CoinATMRadar.
- For large fiat moves, start with a P2P trade on LocalBitcoins, using escrow and a reputable seller.
- Transfer received crypto to a hardware wallet (Ledger or Trezor) for long‑term storage.
- Monitor regulatory updates - SAMA is expected to release a draft framework in Q32025.
Following this list usually gets you trading within two weeks, according to a KAUST study that surveyed 200 Saudi crypto enthusiasts.
Future Outlook: Where Is the Market Headed?
Even with tight rules, the Saudi crypto market is projected to grow from $23.1billion in 2024 to $45.9billion by 2033 (7.9% CAGR). The kingdom’s participation in the mBridge CBDC pilot shows a willingness to experiment with digital assets at the institutional level. Analysts at Goldman Sachs expect retail crypto adoption to reach 15.2% by 2027, up from 11.4% today.
On the regulatory side, the Capital Market Authority released a discussion paper in April2025 that could classify certain tokens as permissible securities. If the draft rules pass, we might see the first Saudi‑licensed exchange by late2025, which would dramatically simplify the access chain.
Until then, the community‑driven resources-Telegram groups, Reddit threads, and local forums-remain the most up‑to‑date guides for navigating the maze.
Frequently Asked Questions
Can I use a Saudi bank card directly on Binance?
No. SAMA prohibits banks from processing crypto transactions. Users typically fund Binance through crypto‑payment processors, P2P trades, or foreign cards.
Do I need a VPN to access crypto exchanges?
A VPN isn’t mandatory, but many Saudis use one to avoid occasional throttling and to hide their IP from exchange compliance checks.
Are crypto ATMs legal in Saudi Arabia?
Yes. The ATMs operate under the same ambiguous regulatory environment as exchanges, but they are not explicitly banned.
What are the biggest risks of using P2P platforms?
Scams and higher fees. Always use escrow, verify seller ratings, and start with small amounts to test the process.
Will Saudi Arabia introduce a licensed crypto exchange soon?
Draft regulations are expected in Q32025, but a fully licensed retail exchange may not launch until 2026 or later, depending on legislative approval.
