3 days ago
Binance now available to Syrian residents after lifting of sanctions
Cryptocurrency giant Binance has entered the Syrian market, granting "full access" to residents who wish to use the platform after the lifting of international sanctions on the country.
Binance users in Syria will have access to its products and services, including spot and futures trading, its 300-plus tokens and stablecoins, including Bitcoin, XRP and Dogecoin, and Binance Pay, the world's largest crypto exchange by volume said on Thursday.
The move will support financial inclusion and reconnection, the company said. The entry of crypto will support remittances and businesses, being "a tool to combat inflation and connect with global customers", it said in a statement. Binance currently has more than 270 million users worldwide.
Cryptocurrency has long been touted as an alternative to traditional finance – with faster transaction times and low or no fees – and an opportunity for investment.
"For years, people in Syria have watched the crypto world evolve, unable to participate not by choice but by circumstance," Binance said on its website. "Syrian residents can now securely participate in the digital asset economy."
In compliance with applicable sanctions, platforms like Binance previously did not serve users in Syria, the company said.
"Even as crypto became a lifeline for people facing inflation or relying on cross-border remittances, access remained out of reach ... that changes today."
It is also another signal of economic progress in Syria amid the gradual lifting of sanctions on the country. Binance chief executive Richard Teng said the move is "about opening futures and horizons ... to build, invest and connect".
The Syrian economy has been devastated by a civil war that lasted for about 14 years, with the UN's Development Programme estimating cumulative losses – including physical damage and economic deprivation – at more than $923 billion at the end of 2024.
After the toppling of the Bashar Al Assad regime in December, the country has slowly begun the process of reintegrating into the global economy under its new government.
President Donald Trump's administration began taking steps to ease US sanctions on Syria after his visit to the Gulf last month. The EU also announced it would lift all economic sanctions on Syria to support its economic recovery.
That has led to new opportunities for investment. Syria has received major financial investments from the Gulf including a $7 billion energy infrastructure deal supported by Qatar's UCC Holding, a $6.5 billion aid pledge from international partners and an $800 million port agreement with the UAE's DP World.
Also in May, the World Bank cleared Syria of its $15.5 million outstanding debt after payments from Saudi Arabia and Qatar, in another positive sign for the nation's damaged economy.
