Binance Enters Syria as Residents Show Interest in Crypto

In big news for Syrians, the world’s largest crypto exchange, Binance, has announced its entry into the Middle Eastern country.

The decision by the crypto exchange, led by CEO Richard Teng, comes after U.S. President Donald Trump lifted sanctions on the country. In a deal mediated by Saudi Arabia and Turkey, the sanctions were lifted following a regime change and the appointment of Syrian President Ahmed al-Sharaa.

With Binance now entering the country, millions of Syrians will be able to trade Bitcoin and other cryptocurrencies.

While making the announcement, Binance said, “For years, people in Syria have watched the crypto world evolve, unable to participate. Not by choice, but by circumstance.”

Syria’s consumer‐price inflation stood at 15.87% in Feb 2025 with reports revealing that 90% of Syrians now live below the national poverty line. According to Binance, this economic instability and high inflation has contributed to Syria’s “consistently high interest in crypto.”

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Binance Becomes First Exchange to Enter Syria

It is interesting to note that before Binance’s entry, there was no domestically licensed, centralized crypto exchange headquartered in Syria.

If the resident had to reach global exchanges such as Binance, KuCoin, Huobi, they were only reachable via VPN or with significant geo-restrictions.

Binance’s entry is the first time a major CEX has officially opened its doors to Syrian residents under a recognized framework. According to the official announcement, “Syria is no longer classified as a Prohibited Country under Binance’s Terms of use. The crypto exchange is also beginning educational initiatives and practical guidance for the users in the country.

With the launch, residents in Syria can access spot & futures trading, stablecoins, Binance Pay, staking and earn products and the trading of 300+ tokens viz., BTC, XRP, SHIB, Doge among others.

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Can Syria Turn out to be the Profitable Crypto Market?

Acccording to the reports, despite years of war, sanctions and economic turmoil, there’s a growing interest in cryptocurrency among Syrians.

Data from TradingView shows that between November 2020 and January 2021, 36.9% of all users’ asset-searches in Syria were for cryptocurrencies. This is the the 10th-highest share worldwide and suggests an unusually strong retail curiosity despite sanctions and conflict.

Further, a report by wired shows that since 2018, trading of Bitcoin and USDT has been happening in the country via informal “crypto shops” – such as BitcoinTransfer shops in Idlib, a Syrian town.

Chainalysis data shows that these Idlib-based BitcoinTransfer “exchange shops” have processed 36 BTC worth around $2 million – from December 2018 through mid-2020.

However, there are certain challenges as well for the development of crypto market in the region. This data for crypto transfers via Idlib shops include both civilian trades and terror-financing flows. There are militant groups as well associated with pioneering crypto fundraising workshops and Sharia-compliant trading networks which can create geopolitical challenges for the crypto exchanges’ operations.

But, as the first centralised crypto exchange Binance begins its operations in Syria, its trading volume and successful implementation could serve as a guide for other exchanges considering entry into the region.

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