Binance launches in Syria: What users need to know

Gulf Business

a day ago

Image credit: Getty Images
After more than a decade of economic isolation, Syria is stepping back into the global financial ecosystem following the US government's decision to lift long-standing sanctions. In a swift response, Binance—the world's largest cryptocurrency exchange by trading volume—announced it will now offer its services to users in Syria.
Read-
The move marks a pivotal moment for financial inclusion in the war-torn nation. Binance, which holds 21 regulatory licenses worldwide, will enable Syrian users to access a full suite of crypto services, including spot and futures trading, digital asset staking, stablecoins, and Binance Pay for cross-border remittances.
Localised support and educational materials in Arabic are also being rolled out to ease onboarding and ensure secure participation in the digital economy.
Cryptocurrency: A lifeline for millions
Syria has a population of around 24 million people, with another 8 to 15 million living abroad. Years of economic hardship and soaring inflation have left many families dependent on informal financial networks and remittances from overseas.
In fact, Syria ranked among the top 10 countries globally for crypto-related search activity as recently as 2021—a clear sign of its population's interest in alternative financial tools.
'After years of exclusion, Syrians now have the chance to build, invest, and connect,' said Richard Teng, CEO of Binance. 'This isn't just about opening accounts; it's about opening futures and horizons.'
Binance says it will support Syrian users with ongoing educational initiatives and secure access to digital financial tools. The company frames the move as part of its broader mission to promote global financial inclusion.
Qatar-led power project could transform energy landscape
Alongside digital reintegration, Syria is also poised for a major physical infrastructure overhaul. A $7bn plan led by Qatar's UCC Holdings aims to significantly boost Syria's electricity generation capacity with the construction of four combined-cycle gas turbine plants and a solar facility.
Announced at the end of May 2025, the deal represents Syria's largest foreign investment since the sanctions were lifted. However, its success hinges on a critical precondition: fixing the country's dilapidated power grid.
Years of war and looting have left two-thirds of Syria's electricity transmission infrastructure in ruins. The Energy Ministry estimates $5.5bn will be needed for grid repairs—funds the government does not currently possess.
'During that time, we may complete the grid rehabilitation,' Energy Minister Mohammed Al Bashir told
Reuters
, indicating that full power plant operations could begin within three years if progress continues.
IMF signals willingness to provide technical support
In another vote of confidence, the International Monetary Fund (IMF) has expressed its readiness to assist Syria with technical expertise. On May 22, IMF Communications Director Julie Kozack confirmed the Fund's willingness to help the country rebuild its economic institutions.
'Syria will need significant assistance to rebuild its economic institutions,' Kozack said. 'We stand ready to provide advice and targeted, well-prioritized technical assistance in our areas of expertise.'
This marks the IMF's first engagement with Syria since its last Article IV economic assessment in 2009. Kozack added that the recent lifting of sanctions could play a key role in facilitating Syria's recovery and reconstruction.
New currency printing in UAE, Germany
Another notable change in post-sanctions Syria is a shift in its currency printing strategy. According to three sources familiar with the matter, Syria plans to print new banknotes in the UAE and Germany, moving away from long-standing reliance on Russian facilities.
The change reflects Syria's warming ties with Gulf and Western states.
A redesigned banknote will reportedly exclude the face of former president Bashar Al Assad, signaling a symbolic break from the past.
The move is aimed at easing a banknote shortage and revitalising confidence in the national currency after years of hyperinflation and devaluation.
DP World to develop Tartous Port in $800m deal
In another sign of renewed international engagement, Syria signed a memorandum of understanding (MoU) with Dubai-based DP World to develop the port of Tartous. The deal, worth $800m, includes plans to build and operate a multi-purpose terminal, along with industrial and free trade zones.
Announced on May 16, the agreement is the first major commercial port deal since the easing of sanctions. DP World is a subsidiary of the UAE's Dubai World and has described the project as a long-term partnership aimed at boosting trade and infrastructure development in the region.
The deal was signed in the same week that former US President Donald Trump formally announced the lifting of sanctions during a visit to Riyadh.
(With inputs from Reuters)