Underground Crypto Trading in North Macedonia: How It Works Despite the Ban
29 December 2025

North Macedonia has a crypto paradox: the central bank says it’s illegal, but people are trading it anyway. Every day, dozens of locals meet in coffee shops to swap cash for Bitcoin. Others use apps like Symlix and LocalCoinSwap to trade directly with strangers-no bank involved. The government hasn’t shut them down. Why? Because the rules are messy, outdated, and slowly falling apart.

The Official Ban That Doesn’t Stick

In 2017, the National Bank of the Republic of Macedonia (NBRM) issued a clear warning: no trading cryptocurrencies. They grouped Bitcoin and Ethereum under the same category as foreign stocks and derivatives, which were already banned under EU association rules. At the time, it made sense. Crypto was wild, unregulated, and mostly linked to scams. The bank wanted to protect citizens.

But here’s the catch: the ban was never enforced. No one was fined. No exchanges were raided. No bank accounts were frozen-for years. And while CoinGecko still lists North Macedonia as “the only European country where cryptocurrencies are explicitly illegal,” that label is misleading. The NBRM quietly changed its tone in 2023, saying: “It doesn’t mean crypto is illegal if it’s not regulated.” That’s not a repeal. It’s a loophole. And people are using it.

How People Are Trading Anyway

You won’t find a local crypto exchange in Skopje. But you’ll find people trading on global P2P platforms that don’t care about borders. Symlix, LocalCoinSwap, and Paxful let Macedonian users buy and sell crypto using cash, bank transfers, or even mobile payment apps. The process is simple: create an account, find a seller nearby, send money, and get crypto delivered. The platform holds the coins in escrow until you confirm payment.

One user in Bitola told a Reddit thread in December 2024: “I met a guy at a café. He had 0.5 BTC. I gave him €1,100 in cash. We took a photo of the bills. He released the coins. Done.” No bank. No paperwork. No trace.

These platforms work because they avoid traditional financial systems. They don’t connect to Macedonian banks. They don’t report to regulators. They don’t need to. The trade happens between two people. The platform just acts as a middleman with escrow and chat tools. Symlix even lets users verify each other with video calls. LocalCoinSwap supports over 300 payment methods, including cash deposits at local kiosks.

The Regulators Are Watching-But Not Acting

The real shift came on February 1, 2022. The government passed amendments to its Anti-Money Laundering law. For the first time, it defined “virtual assets,” “crypto wallets,” and “virtual asset service providers.” That wasn’t a ban. It was a framework. Suddenly, crypto wasn’t just “illegal”-it was something the state could regulate.

Since then, the NBRM has stopped talking about arrests or crackdowns. Instead, officials say they’re “considering regulation.” Experts from Multilaw say the February 2022 law was “the first phase of comprehensive regulation.” The next phase? Licensing crypto platforms. That’s expected by late 2025 or early 2026. Until then, the market exists in a gray zone: technically banned, practically tolerated.

Animated figures using crypto apps with glowing payment icons connecting across a city.

International Brokers Are In Too

You might think you need a local platform to trade crypto in North Macedonia. But that’s not true. Swissquote, Interactive Brokers, MultiBank, and Oanda all serve Macedonian clients. You can open an account from your phone. Deposit euros via SEPA. Buy Bitcoin, Ethereum, or Solana. But here’s the problem: fees are high, and options are limited.

Swissquote is the most popular choice, used by 42% of Macedonian crypto users in 2024, according to BrokerChooser. But users complain about “high fees for small amounts” and “slow customer service.” Interactive Brokers has lower fees but only offers a handful of coins-and no built-in wallet. Oanda doesn’t even let you withdraw crypto to your own wallet. You’re stuck holding it on their platform.

So why use them? Because they’re regulated. If your account gets frozen, you can file a complaint. If you need help, you can call someone. With P2P platforms, you’re on your own. If the seller disappears after you send cash? No recourse.

Who’s Trading, and Why

About 42,000 people in North Macedonia are actively trading crypto. That’s 2.3% of the population. It’s low compared to the EU average of 5.1%, but growing fast. LocalCoinSwap says Macedonian user activity jumped 300% between 2022 and 2024.

Most traders are young-under 35. Many are students or freelancers. Some want to hedge against inflation. Others see crypto as a way to earn outside the local economy. One Telegram group called “MK Crypto” has over 1,200 members. They share lists of “trusted traders,” warn about scams, and even map out safe meetup spots in Skopje and Bitola.

The biggest reason people trade? Speed. The local banking system is slow. Transfers take days. Crypto moves in minutes. And if you need cash fast, selling Bitcoin for euros in person is faster than waiting for a bank wire.

Kids giving a puzzle piece labeled 'MiCA 2026' to a judge under a faded ban sign.

The Risks Are Real

Just because crypto trading is common doesn’t mean it’s safe.

The biggest risk? The ban could suddenly be enforced. The NBRM could decide tomorrow to freeze accounts, block platforms, or fine traders. There’s no legal protection. No insurance. No government safety net.

There’s also the risk of scams. A Reddit user in May 2025 shared how someone faked a bank transfer receipt and disappeared with €800 worth of Ethereum. Another user had €1,200 frozen by their bank for two weeks because the transfer looked “suspicious.”

And taxes? No one knows. The government hasn’t issued any guidance. Some traders assume crypto profits are tax-free. Others assume they’ll be taxed like foreign income. Either way, you’re flying blind.

What’s Next?

Experts agree: North Macedonia will regulate crypto. It’s not a question of if-it’s when. The country is on track to join the EU. And when it does, it will have to adopt the EU’s MiCA rules, which require licensing, transparency, and consumer protection for crypto platforms.

That means the underground market won’t vanish. It will transform. P2P platforms like Symlix may apply for licenses. International brokers will expand services. The NBRM might even create a sandbox for local crypto startups.

But until then, trading continues. Not because people are reckless. But because the system isn’t working for them. The ban is outdated. The banks are slow. The economy is small. Crypto offers freedom-and for many, that’s worth the risk.

How to Trade Safely (If You Must)

If you’re in North Macedonia and want to trade crypto, here’s what works:

  • Use P2P platforms like Symlix or LocalCoinSwap. Avoid unknown local exchanges-they could disappear overnight.
  • Always use escrow. Never send money before you get the crypto. Never release crypto before you confirm payment.
  • Start small. Test with €50 or €100 first. See how the process works.
  • Meet in public. If you’re doing a cash trade, pick a busy café or bank lobby. Bring a friend.
  • Use international brokers like Swissquote if you want security over speed. Just be ready for high fees.
  • Keep records. Save screenshots, chat logs, and payment receipts. If something goes wrong, you’ll need proof.

Most importantly: don’t trust anyone who says “it’s legal.” No one knows for sure. And don’t risk your life savings on a market with no rules.

Is crypto trading illegal in North Macedonia?

Technically, yes-since 2017, the National Bank banned it. But in practice, no one enforces it. The government now recognizes crypto as property under its 2022 anti-money laundering law and is working on formal regulations. So while the ban still exists on paper, it’s not being acted on.

Can I use my bank account to buy crypto in North Macedonia?

Most local banks block transfers to crypto exchanges. Even international brokers like Swissquote require SEPA transfers from EU banks. Many Macedonians use P2P platforms instead, paying with cash, mobile wallets, or local payment kiosks to avoid bank restrictions.

What’s the safest way to buy Bitcoin in North Macedonia?

Use Symlix or LocalCoinSwap with escrow protection. Choose sellers with high ratings and verified profiles. Start with a small trade. If meeting in person, pick a public place and bring someone with you. Avoid unregulated local platforms-they could vanish.

Are there any local crypto exchanges in North Macedonia?

No. There are no officially registered, locally operated crypto exchanges. All trading happens through international P2P platforms or regulated foreign brokers like Swissquote. Any platform claiming to be a “Macedonian crypto exchange” is likely unregulated and risky.

Will North Macedonia legalize crypto soon?

Yes, but not immediately. Experts expect full regulation by late 2026 or early 2027, aligned with the EU’s MiCA rules. The government has already taken the first steps with the 2022 AML law. The next phase will likely involve licensing crypto service providers and setting clear tax rules.

Do I have to pay taxes on crypto profits in North Macedonia?

There are no official tax rules for crypto yet. The government hasn’t clarified whether profits are treated as income, capital gains, or something else. Most traders assume they’re not taxed-but that’s risky. Keep records of all trades in case regulations change.

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