How Saudis Access Cryptocurrency Exchanges Amid Regulatory Restrictions

Over 4 million Saudis own cryptocurrency, even though the government hasn’t officially approved it. That’s not a glitch-it’s a reality shaped by tech-savvy users, global platforms, and clever workarounds. While banks are barred from handling crypto, and official warnings still hang in the air, people aren’t waiting for permission. They’re already trading, investing, and moving money. So how exactly are Saudis getting access to cryptocurrency exchanges when the rules seem stacked against them?

Why Saudis Are Using Global Exchanges

There are no licensed crypto exchanges in Saudi Arabia. Not one. So when someone in Riyadh or Jeddah wants to buy Bitcoin or Ethereum, they don’t have a local option. Instead, they turn to global platforms like Binance, a global cryptocurrency exchange platform that allows users to trade digital assets with fiat and crypto pairs, Bybit, a derivatives-focused crypto exchange popular among traders for low fees and high leverage, and OKX, a multi-asset exchange offering spot, futures, and staking services. These aren’t just options-they’re the only viable ones. Traffic data from Q2 2024 shows 78% of all crypto-related web activity from Saudi Arabia points to these international sites.

Why not wait for a local exchange? Because the Saudi Central Bank (SAMA) has made it clear: banks can’t touch crypto unless they get special approval. And no bank has received it. So users bypass the system entirely. They sign up with their Saudi national ID, upload a selfie, and verify their identity directly on these global platforms. Around 52% of Saudi users report successful KYC verification using their national ID, according to Chainalysis data. It’s not foolproof-some accounts get flagged or frozen-but it works often enough to keep millions engaged.

How Saudis Fund Their Accounts

This is where things get tricky. You can’t just link your Al Rajhi or Alinma bank account to Binance. SAMA forbids it. So how do Saudis deposit SAR (Saudi Riyal)? They use alternatives.

• Peer-to-peer (P2P) trading handles 37% of all fiat-to-crypto conversions. Users find sellers on platforms like Paxful, a P2P cryptocurrency marketplace enabling direct trades between users or LocalBitcoins, a decentralized platform for buying and selling Bitcoin with local payment methods. Payment is made via bank transfer, cash deposit, or even mobile wallet. Many Saudis prefer this because it feels personal and avoids banking red flags.
• Cryptocurrency-specific payment processors like NOWPayments, a crypto payment gateway that enables merchants and users to accept cryptocurrency payments handle 58% of transactions. These services let users pay with crypto and receive SAR in return, acting as a bridge between digital assets and local currency.
• Gift cards are surprisingly common. Users buy Amazon, Apple, or Steam gift cards using crypto, then sell them locally for cash or bank transfers. It’s indirect, but it works.
• International payment apps like Wise and Revolut are used by 15% of users. These platforms allow Saudis to send money abroad, then use it to fund crypto accounts on international exchanges.

Transaction fees average 3.7% across these methods, according to Trustpilot reviews from over 1,200 Saudi users. That’s higher than in the UAE or US, but users accept it as the cost of doing business in a gray zone.

The Role of VPNs and Mobile Access

Some users worry about internet restrictions. While there’s no official block on crypto websites, there are rumors of filtering. To be safe, 28% of Saudis who access crypto use a VPN, a virtual private network that encrypts internet traffic and masks location. NordVPN reported a 28% year-over-year spike in Saudi subscriptions in Q3 2024 specifically for crypto access. It’s not about hiding from the government-it’s about avoiding connectivity hiccups.

Mobile is king. Sixty-three percent of Saudis under 30-nearly two-thirds of the country’s population-use crypto apps as their primary tool. The interface is simple: open the app, verify your ID, fund via P2P, and trade. No desktop needed. Apps like Binance and Bybit have Arabic interfaces and local customer support, making them feel familiar even if they’re based overseas.

Real User Experiences: Successes and Setbacks

Reddit’s r/CryptoSaudi has over 42,000 members. One top thread from March 2025, with nearly 3,000 upvotes, details a method: buy USDT (Tether) through a local P2P seller called SaudiCrypto, then transfer it to Binance. The fee? Just 1.8%. That’s the kind of ingenuity driving adoption.

But it’s not all smooth. About 33% of users report account freezes. One Trustpilot review from February 2025 describes a $40,000 account locked by Binance after an inquiry from SAMA. It took 87 days to resolve. Another common complaint? Withdrawals. Some users say they’ve waited weeks to move funds out of exchanges, especially if the amount is large.

Still, sentiment is mostly positive. Brand24’s analysis shows 62% of Saudi crypto users feel optimistic about their access. Younger users are far more successful: 89% of those aged 18-24 report no major issues, compared to just 47% of users over 40. That gap isn’t about tech skills-it’s about willingness to adapt.

Legal Gray Zones and Religious Acceptance

The government hasn’t passed a law banning crypto. Instead, it’s issued warnings. In 2019, the Ministry of Finance warned against dealing in virtual currencies. That warning is still cited-but it’s not a law. That’s the loophole. No specific legislation says, "You can’t do this." So people do it anyway.

And here’s the twist: Islamic scholars have weighed in. A 2023 fatwa from the Permanent Committee for Scholarly Research and Ifta ruled that Bitcoin and similar cryptocurrencies are permissible under Sharia law. That’s huge. Seventy-eight percent of Saudi crypto users say this religious approval influenced their decision to participate. It’s not just about profit-it’s about alignment with faith.

On the legal side, the Anti-Money Laundering Law (Royal Decree M/20) defines "funds" broadly to include digital assets. That means authorities could still seize crypto if they suspect illegal activity. In 2024 alone, over SAR 1.2 billion ($320 million) in fraud cases were reported to Saudi cybercrime units. Most were P2P scams or fake exchanges. Users who skip KYC or trade on sketchy platforms are the ones getting burned.

What’s Coming Next?

Change is coming. SAMA’s fintech sandbox accepted three crypto-related applications in early 2025, including a blockchain-based KYC provider. The Capital Market Authority (CMA) released a discussion paper in April 2025 proposing rules for digital asset classification. Draft regulations are expected by Q3 2025, with full laws possibly arriving by late 2025.

Meanwhile, Saudi Arabia is part of the mBridge, a multinational CBDC project led by the Bank for International Settlements connecting China, Thailand, Hong Kong, UAE, and Saudi Arabia initiative-a pilot project for cross-border digital currency transfers. This isn’t about crypto. It’s about central bank digital currency (CBDC). But it signals a shift: Saudi Arabia is experimenting with blockchain, just not for retail users yet.

Goldman Sachs predicts retail crypto adoption will rise to 15.2% by 2027. That’s up from 11.4% today. The market is projected to hit $45.9 billion by 2033. That growth won’t come from government support. It’ll come from users who figured out how to make it work anyway.

How to Get Started (If You’re in Saudi Arabia)

If you’re new to crypto and live in Saudi Arabia, here’s what actually works:

1. Start with P2P. Use Paxful or LocalBitcoins to buy small amounts of USDT with your bank transfer. This avoids banking red flags.
2. Choose a reputable exchange. Binance, Bybit, or OKX. All have Arabic support and verified ID processes.
3. Use your national ID. It’s accepted by most global exchanges. Don’t use fake documents.
4. Enable two-factor authentication. 92% of users who lost funds didn’t use MFA.
5. Don’t use bank links. Never connect your Saudi bank account directly to an exchange.
6. Learn from the community. Join Telegram group "Saudi Crypto Traders"-response time averages 14 minutes. Read r/CryptoSaudi. The best guides aren’t from banks-they’re from users who’ve been there.

It’s not easy. But it’s possible. And it’s happening-every day, in homes across Riyadh, Jeddah, and Dammam.

Final Thoughts

Saudi Arabia’s crypto scene isn’t thriving because of policy. It’s thriving because people refused to wait. They found ways around the rules, built communities, and turned restrictions into innovation. The government may be slow to act, but the market isn’t. With over 7.4 million users and $498 million in annual revenue, this isn’t a fringe movement-it’s a financial reality. The next few years will determine whether Saudi Arabia embraces crypto officially or continues to let its people build their own path.