Underground Crypto Trading in North Macedonia: How People Bypass the Ban

People in North Macedonia are trading crypto - even though it’s officially banned.

The National Bank of the Republic of North Macedonia said in 2017 that trading cryptocurrencies was illegal. They compared it to buying foreign stocks or derivatives - both of which were already restricted under EU association rules. On paper, that should have shut everything down. But it didn’t.

Today, you can walk into a café in Skopje and see someone buying Bitcoin with cash from a stranger. Or you can open your phone, sign up on Symlix.com in five minutes, and trade Ethereum for euros using a local bank transfer - even though no bank will admit they’re involved. This isn’t some fringe activity. It’s everyday life for tens of thousands of people.

Why does this still work? Because the law hasn’t caught up with reality. The government didn’t ban crypto because it’s dangerous. They banned it because they didn’t know how to regulate it. Now, they’re stuck in the middle: the ban still exists on paper, but everyone knows it’s not enforced.

How the ban was never meant to last

The 2017 ban came from a place of confusion. At the time, North Macedonia was still in the early phase of its EU association agreement. That agreement blocked citizens from investing in foreign securities. Regulators saw Bitcoin and Ethereum as similar - unregulated, foreign, risky. So they slapped a blanket ban on them.

But crypto isn’t stocks. You don’t need a broker. You don’t need a license. You just need a phone and a Wi-Fi connection. And by 2020, people were already trading. LocalCoinSwap, Symlix, and Paxful started seeing spikes in Macedonian users. The NBRM noticed. They didn’t shut them down. They just stayed quiet.

Then, in February 2022, everything changed - without anyone really noticing. The government passed new anti-money laundering laws that defined cryptocurrencies as property. They created terms like “virtual asset service provider” and “crypto wallet.” That’s not a ban. That’s a framework. It meant the state was finally acknowledging crypto existed - and needed rules, not silence.

But here’s the twist: they never repealed the 2017 ban. So now you have two laws in conflict. One says crypto is illegal. The other says it’s property that can be traded - if you follow AML rules. That’s not a loophole. It’s a gray zone. And that’s exactly where the market lives.

The underground network: P2P platforms are the real banks

Forget exchanges. Forget apps like Binance or Coinbase. In North Macedonia, crypto trading happens through peer-to-peer (P2P) platforms. These aren’t fancy websites. They’re digital marketplaces where buyers and sellers meet directly.

Symlix.com is the most popular. You create an account, get a free crypto wallet, and start browsing offers. You can filter by payment method: cash, bank transfer, Payeer, Skrill, even gift cards. When you find a seller, the platform holds the crypto in escrow. You send the money. They release the coins. If something goes wrong, their support team steps in. They resolve 85% of disputes within 24 hours.

LocalCoinSwap works the same way - but with 300+ payment options. You can pay with a mobile top-up, a Western Union transfer, or even cash deposited into a friend’s account. The platform doesn’t care how you send money. It only cares that you prove you sent it.

These platforms don’t need a license. They don’t report to the government. They operate in the blind spot between “illegal” and “unregulated.” And because they use escrow and user verification, they’re safer than most local banks.

There’s no official data on how many people use them. But LocalCoinSwap says Macedonian user activity grew 300% between 2022 and 2024. Reddit threads in r/NorthMacedonia are full of people asking, “Where’s the safest way to buy Bitcoin here?” The top answers? Symlix. LocalCoinSwap. Never use a local exchange - they might disappear tomorrow.

The brokers that slipped through the cracks

While P2P platforms handle small trades, some people use international brokers like Swissquote, Interactive Brokers, and MultiBank. These are regulated in Europe. They follow MiCA rules. They’re legal - but they’re not designed for North Macedonia.

Swissquote is the most popular. According to BrokerChooser, 42% of Macedonian crypto users chose them in late 2024. Why? Because they offer real crypto trading, not just P2P. You can buy Bitcoin, Ethereum, and even Solana directly. But there’s a catch: fees are high. A €100 trade can cost you €15 in fees. And they don’t offer a crypto wallet. You have to move your coins to an external wallet - which means extra steps and more risk.

Interactive Brokers has lower fees, but only lets you trade 10 coins. MultiBank and Oanda are cheaper but have terrible customer service. Macedonian users on Trustpilot complain about slow replies and frozen funds. One person reported €1,200 stuck for two weeks after a bank transfer failed.

These brokers aren’t illegal. But they don’t officially serve North Macedonia. They just let users from here sign up. That’s a loophole too. And like P2P platforms, they’re thriving because the government isn’t stopping them.

Who’s trading - and why it’s risky

Most traders are young. Between 18 and 35. They’re not investors. They’re speculators. They see crypto as a way to make fast money - especially when inflation hits 6% and salaries stay flat. A 2025 forum poll showed 78% of users said finding a trustworthy trading partner was their biggest challenge.

Many don’t understand how blockchain works. TRT World’s 2025 report found that most users don’t know the difference between a wallet and an exchange. They think if they buy Bitcoin on Symlix, it’s “safe.” But if the platform shuts down tomorrow? Their coins vanish. No one is insured. No one is liable.

There are success stories. A student in Bitola bought Bitcoin with cash from a trusted meetup. Six months later, he sold it for double and paid his tuition. Another guy in Tetovo made €800 trading Litecoin with LocalCoinSwap - all in cash, no bank involved.

But the failures are louder. People get scammed. They send money and never get crypto. They try to withdraw to their bank account and get flagged. One user told a forum he was asked to explain “where he got $5,000 in crypto” by his bank - and had to prove it wasn’t money laundering. He spent three weeks gathering screenshots and trade logs.

The biggest risk isn’t losing money. It’s losing everything - your account, your identity, your freedom - if the government suddenly decides to enforce the 2017 ban.

The future: Regulation is coming - but not yet

Experts agree: North Macedonia will regulate crypto. It’s not a matter of if - it’s when.

The February 2022 AML law was the first step. The next one will be a licensing system for crypto exchanges and wallet providers. Draft legislation is expected by late 2025. By 2026 or 2027, the country will likely adopt the EU’s MiCA rules - the same ones that govern crypto in Germany and France.

That means two things: First, P2P platforms like Symlix will have to register. Second, banks will finally be allowed to work with licensed crypto firms. Right now, banks won’t touch crypto. But once there’s a license, everything changes.

Until then, the underground market keeps growing. There are an estimated 42,000 active crypto users in a country of 1.8 million. That’s 2.3% adoption - lower than the EU average, but growing fast. And unlike Serbia or Albania, North Macedonia has no local exchanges. Everything runs through foreign platforms. That’s why it’s so fragile.

The government knows this. The NBRM itself admitted in 2023: “Crypto currencies are not illegal if they are not regulated.” That’s not a legal opinion. It’s a surrender. They’re waiting for the EU to lead the way.

For now, trading crypto in North Macedonia is like driving without a license - but everyone else is doing it too. You’re not breaking the law if no one’s enforcing it. But one day, the police will show up. And then you’ll wish you’d waited.

What to do if you’re trading crypto in North Macedonia

• Never use bank transfers - they get flagged. Use cash meets or P2P with escrow.
• Only trade on Symlix or LocalCoinSwap - they have dispute systems. Other platforms vanish.
• Use small test trades first. Send €10, wait for the crypto, then go bigger.
• Keep screenshots of every trade, chat, and payment. You’ll need them if something goes wrong.
• Don’t store crypto on exchanges - move it to your own wallet. Trust no one else with your keys.
• Stay off local forums - they’re full of scams. Use Telegram group “MK Crypto” (1,247 members) for trusted trader lists.
• Know the law - the 2017 ban still exists. The 2022 AML law doesn’t make crypto legal. It just gives the government tools to regulate it later.

There’s no safe way to trade crypto here - only less dangerous ways. And until the government gives a clear signal, that’s all you’ve got.