Due to the economic crisis in the country, all banks in Lebanon closed indefinitely starting from Sept. 22.
The Association of Banks in Lebanon (ABL) announced an indefinite closure of all banks in the country on Sept. 22, as depositors are becoming aggressive about withdrawing their funds.
Meanwhile, young Lebanese people are turning to crypto to escape the financial crisis, which has been driving adoption higher since 2021.
Due to the economic crisis, the government restricted access to the deposited funds and closed all the banks for a week on Sept 16.
The news was also shared on Twitter by Binance’s CEO, Changpeng Zhao. Zhao’s tweet collected hundreds of replies cheering for the ownership and decentralization of crypto, which prevents it from closing altogether like the banks in Lebanon.