Crypto Exchanges in Saudi Arabia: What’s Legal, What’s Not, and Where to Trade

When you search for crypto exchanges in Saudi Arabia, regulated digital asset trading platforms operating under the oversight of the Saudi Central Bank (SAMA). Also known as cryptocurrency trading platforms in KSA, these services let users buy, sell, and hold digital assets like Bitcoin and Ethereum — but only if they follow strict local rules. Unlike places like the U.S. or Japan, Saudi Arabia doesn’t ban crypto — it just controls it tightly. The country wants to be a regional tech hub, but it won’t allow unregulated trading that could threaten financial stability or enable money laundering.

That’s why only a few platforms are officially approved. SAMA, the Saudi Central Bank, the main financial regulator overseeing all banking and digital asset activity in the country. They’ve given licenses to local exchanges that meet high KYC and AML standards. Foreign platforms like Binance or Coinbase aren’t banned outright, but they can’t legally market to Saudi users or offer local payment methods like bank transfers or Mada cards. Most Saudi traders use licensed local exchanges or peer-to-peer (P2P) platforms to avoid restrictions — but that comes with risk. If something goes wrong, there’s no legal recourse.

Bitcoin, the original cryptocurrency, widely used in Saudi Arabia despite regulatory gray zones. Many Saudis buy it through P2P apps like Paxful or LocalBitcoins, paying in cash or via bank transfer. It’s not illegal to hold Bitcoin, but using it to pay for goods or services is against the law. The government sees crypto as an investment asset, not a currency. That’s why you’ll find more people trading it for profit than spending it at shops or restaurants.

Regulation is tightening. In 2023, SAMA started requiring all local exchanges to report user transactions and freeze accounts linked to suspicious activity. This pushed some smaller platforms out of the market. Meanwhile, the Saudi government is testing its own digital currency — the digital riyal — which could change how people interact with crypto in the next few years. If the central bank’s digital currency takes off, it might reduce the need for private crypto exchanges altogether.

So where does that leave you? If you’re in Saudi Arabia and want to trade crypto, stick to platforms that clearly display their SAMA license. Avoid anything promising high returns with no KYC — those are almost always scams. And don’t assume foreign exchanges will protect you. The rules here are different. What works in the U.S. or Europe won’t fly in Riyadh or Jeddah.

Below, you’ll find real reviews and warnings about platforms that claim to serve Saudi traders — some are legit, many are not. You’ll see what happened to exchanges that ignored local laws, how users got burned by fake platforms, and which tools actually work under Saudi regulations. No hype. Just what’s happening on the ground.