Binance, the largest cryptocurrency exchange in the world, has lifted the restrictions placed on Syrian users that, prior to the restrictions, were not restricted and allowed to trade all cryptocurrencies, over 300, including BTC, XRP, and Dogecoin. This announcement follows the United States’ lifting of sanctions against Syria that were in place for many years, which has now opened new economic opportunities in the country. 

New Free Market for Syria’s Crypto Users

For many years, even under years of international sanctions, citizens in Syria could not utilize any of the popular, reliable cryptocurrencies. On June 12, 2025 because of the announcement of Binance, citizens will now be able to use Binance, as they require completing KYC. They can now participate in the digital economy on Binance for spot trading, futures, peer-to-peer, exchanges, and staking. The withdrawals will now also allow users to transfer and pay, and will allow users to take advantage of Binance Pay, where they can send remittances across borders for free, especially with the huge number of Syrian people living abroad.

Now it’s official, as the Syrian pound is accepted and users can buy and sell cryptocurrency in their own local currency. This will enable users to buy and sell crypto through their local currency, which is very significant considering the extreme inflation and currency instability that Syria has experienced for years.  

Background: A Country’s Rebuilding 

When we consider what is actually going on in Syria, especially in the last half of over a decade of civil war, and sanctions, they have lost approximately $923 billion by the UN Development Programme measures by the end of 2024.  Since the overthrow of Bashar al-Assad in December 2024, the new government led by Prime Minister and Minister of Defence Ali al-Dahl has focused on improving public services and internet connectivity (internet accessibility) to enhance its economy and contact in the world.  

The easing of sanctions began under the previous US Administration led by Donald Trump, who led the way on the advice of the Kingdom of Saudi Arabia. The European Union had also participated in lifting their economic restrictions to return Syria to the world, with millions and millions of dollars in capital investments now arriving in Syria, including a $7 billion energy infrastructure investment from Qatar, and a commitment to give $6.5 billion of humanitarian aid. 

Looking Ahead: Crypto as a Catalyst for Reconstruction

Binance’s recent launch in Syria may also help promote financial inclusion and economic recovery. Access to a global digital economy will provide ordinary Syrians with resources to move beyond traditional banking limitations, draw in remittance income, and access investment opportunities. This aligns with Syria’s recovery strategies overall and should assist with stabilizing its fragile economy amidst an ongoing crisis.

That said, success rests on factors such as political stability, infrastructure investment and improvement, and regulatory guidance that build trust and acceptance as crypto assets gain traction in Syria.

Author’s opinion:

Binance’s decision to enter the Syrian economy is a timely policy action that may open financial doors for ordinary Syrians and offer them a new platform to engage in the digital economy.