The world's largest cryptocurrency trading platform, Binance, announced a blanket ban on Syrians and offered existing clients a one-week notice to close their accounts.

This is horrible! Punishing people based on citizenship violates basic human rights.

What's more, Western sanctions have made typical banking transactions by Syrians—in or outside of the country—a true nightmare, and cryptocurrencies offered a reprieve.

The platform said the decision came due to pressure from the UN and OFAC.

But why a blanket ban?

Put simply, banning every single Syrian from the financial system is cheaper to enforce than scrutinizing individual transactions. The true meaning of selfish collective punishment.

Sanctions on financial transactions must stop everywhere. They don't work. Terrorists and regime cronies have the means to circumvent them. Ordinary Syrians do not. They're not a good policy with some side effects; they're a terrible policy with occasional benefits.

No, we should not lift all sanctions! But sanctions should be smart. Some types should be used more often. Wael Alwani and I proposed some policy changes here: