How Saudis Access Cryptocurrency Exchanges Amid Regulatory Restrictions

How Saudis Access Cryptocurrency Exchanges Amid Regulatory Restrictions

Saudi Arabia doesn’t have a single legal crypto exchange. No local platform is licensed to sell Bitcoin, Ethereum, or any other digital asset directly to consumers. Yet, over 4 million Saudis own cryptocurrency. That’s 11.4% of the population. How? They bypass the rules - not with hacking or magic, but with practical, everyday workarounds that have become normal in cities like Riyadh, Jeddah, and Dammam.

The Saudi Central Bank (SAMA) says banks can’t touch crypto unless they get special permission. That means you can’t link your Al Rajhi or National Commercial Bank account to Binance or Bybit. Your credit card will likely get declined. Your bank transfer? Blocked. But none of that stops people. Not anymore.

The Three Main Ways Saudis Buy Crypto

There are three real, working methods Saudis use every day. Not theory. Not speculation. Actual, verified paths used by hundreds of thousands.

• International exchanges with personal ID - Platforms like Binance, OKX, and Bybit allow Saudis to sign up using their national ID (Iqama or Saudi ID card). Over 68% of users report successful verification. No Saudi passport? No problem. The system accepts local government IDs. Once verified, users deposit via P2P or crypto payment processors.
• Peer-to-peer (P2P) trading - This is the most popular method. On LocalBitcoins and Paxful, Saudis trade directly with other locals. Sellers accept bank transfers from Alinma, Al Rajhi, or STC Pay. Buyers send SAR, sellers send USDT or BTC. Fees average 1.5-2.5%. A Reddit thread from March 2025 with over 2,800 upvotes details a simple workflow: “Buy USDT from SaudiCrypto via local bank, then send to Binance.” That’s the standard now.
• Crypto ATMs - There are 127 crypto ATMs across the Kingdom, mostly in malls and shopping centers. You insert cash, scan a QR code from your wallet, and get Bitcoin or Ethereum in minutes. CoinATMRadar lists these as fully operational as of September 2024. No ID needed. No bank account. Just cash and a phone.

How Do They Pay Without Banks?

Since banks won’t touch crypto, Saudis use alternatives. These aren’t loopholes - they’re the new normal.

• Payment processors like NOWPayments - This company handles 58% of Saudi crypto transactions. You pay with your local bank card or transfer, and NOWPayments converts it into crypto on the backend. They don’t ask questions. They just move money.
• Gift cards - Buy a $500 Amazon or Apple gift card from a local vendor, sell it on Paxful for USDT. It’s slow, but it works. 22% of users rely on this method.
• Wise and Revolut - These international money transfer apps let Saudis send SAR to foreign bank accounts. From there, they buy crypto on exchanges. Not cheap - fees run 1.5-3% - but reliable.

Transaction fees across all methods average 3.7%, based on 1,247 verified Trustpilot reviews from Saudi users in early 2024. That’s higher than in the UAE or Singapore - but people pay it because there’s no other choice.

VPNs, Mobile Apps, and the Younger Generation

Some users worry about internet restrictions. Is crypto blocked? Not officially. But some ISPs throttle traffic to crypto sites. That’s where VPNs come in.

NordVPN reported a 28% year-over-year spike in Saudi subscriptions in Q3 2024 - and most users said they were using it for crypto access. It’s not about hiding from the government. It’s about keeping connections stable.

And it’s the young who lead. 63% of Saudis are under 30. 89% of users aged 18-24 have successfully bought crypto. For them, it’s just another app. 63% use mobile apps as their primary access point. They don’t care about regulation. They care about price charts and community tips.

Telegram groups like “Saudi Crypto Traders” have 12,500 members. Questions get answered in under 14 minutes. Someone always knows how to fix a failed withdrawal or a frozen account.

What’s the Catch? Risks and Real Problems

There’s no safety net. No government insurance. No recourse if something goes wrong.

In 2024, Saudi authorities recorded 1,842 cases of crypto fraud totaling SAR 1.2 billion ($320 million). Scammers pose as traders on WhatsApp. Fake exchanges pop up on Google Ads. One user on Trustpilot reported a $40,000 account freeze by Binance after SAMA inquired - it took 87 days to resolve.

Withdrawals are the biggest complaint. 41% of users say they’ve been delayed or blocked. Why? Because SAMA doesn’t want crypto flowing out. Banks get nervous. Exchanges get cautious. You might need to wait weeks for a withdrawal to clear.

And legally? The 2019 Ministry of Finance warning still stands. Article 18 of the Anti-Money Laundering Law says “intangible assets” can be seized if linked to illegal activity. That includes crypto. No one’s been prosecuted for holding Bitcoin - yet. But the law gives authorities the power.

Why Is This Still Growing?

Despite the risks, the market is exploding. Crypto transaction value jumped 153% from mid-2023 to mid-2024 - hitting $31 billion. By 2033, it’s projected to hit $45.9 billion.

Why? Two big reasons.

• Religious approval - In 2023, Saudi Arabia’s top religious body, the Permanent Committee for Scholarly Research and Ifta, ruled that Bitcoin trading follows Sharia principles. That removed a major cultural barrier. 78% of users say this fatwa influenced their decision to join.
• Vision 2030 - The government wants tech, innovation, and youth engagement. Crypto isn’t officially part of the plan, but it’s happening anyway. The same young Saudis building TikTok businesses and selling NFTs are trading crypto. The state can’t stop it without alienating its own future workforce.

Even SAMA is experimenting - just not with retail. It’s part of the mBridge CBDC project with China, Thailand, and the UAE. That’s institutional blockchain. Not for you. But it shows the government knows digital money isn’t going away.

What’s Coming Next?

Draft regulations are expected by Q3 2025. SAMA’s fintech sandbox accepted three crypto-related applications in early 2025 - including a blockchain KYC provider. The Capital Market Authority is also reviewing digital asset rules.

Don’t expect a full legalization. But you might see licensed P2P platforms. Or regulated crypto ATMs. Maybe even a Saudi-backed exchange that works within the system.

For now, the system works because it’s decentralized. No one company controls it. No single bank can shut it down. It’s built by users, for users.

If you’re a Saudi looking to get started, here’s the easiest path:

1. Download Binance or Bybit.
2. Verify with your Saudi ID.
3. Go to the P2P section and find a seller who accepts Alinma bank transfer.
4. Buy USDT - the most stable and widely accepted crypto in the region.
5. Transfer it to your wallet. Don’t leave it on the exchange.

It takes 2-3 weeks to get comfortable. Most users say the first withdrawal is the hardest. But once you’ve done it once, you know how it works.

The system isn’t perfect. But it’s working. And it’s growing.