Binance goes all-in on Syria with full product rollout

Binance recently launched its full suite of crypto services in Syria, just weeks after the United States and the European Union rolled back major sanctions on the country.

The growing demand for alternative financial tools in post-conflict regions made Binance’s entry into the Syrian market strategic.

However, this fast entry by private tech firms raises concerns about whether cryptocurrency can be a positive force for rebuilding in sanctioned or recovering nations or sets a dangerous precedent where corporations, not governments, fill the power and policy void.

Binance goes all-in on Syria with full product rollout

Binance didn’t just dip its toes into the Syrian market; it launched the full package. Starting June 12, 2025, Syrians gained access to nearly every major product that Binance offers worldwide. This includes spot trading with over 300 cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), BNB, XRP, SHIB, DOGE, TON, and BCH. They can also use futures trading to speculate on price movements as traders in other regions.

Binance’s Peer-to-Peer (P2P) trading platform now supports the Syrian Pound (SYP). It allows users to buy and sell crypto directly in their local currency without going through foreign exchange or middlemen.

In addition, Binance is running a zero-fee promotion for all SYP P2P trades from June 16 to July 12, 2025, to lower barriers for people testing the platform for the first time by allowing them to complete trades without paying transaction fees.

The company also launched its Earn programs in Syria to help people grow their wealth in an environment where traditional banks have either failed or vanished altogether by allowing them to stake or lock their crypto holdings in exchange for rewards.

Moreover, Syria has over 13 million citizens living in the diaspora who can now use Binance Pay to send money home quickly and with lower fees than traditional remittance services.

Binance also introduced Arabic-language educational content to build financial literacy and bring in a broader population, including those using crypto for the first time.

However, Binance says it applies a “robust, globally standardized compliance framework” to every country it operates in, and every Syrian must go through identity verification before using the platform to prevent illegal activity such as money laundering, terrorism financing, or fraud.

The company is planting its flag in a country that has long been excluded from the global financial system because the launch includes every major product live and ready for users without usage caps, feature restrictions, or waitlists. 

Binance seizes post-regime opportunity in Syria

Binance took advantage of the rapid political and economic changes that reshaped Syria almost overnight. 

The fall of the long-standing Assad regime in December 2024 happened in a matter of weeks, and a transitional government led by HTS (Hay’at Tahrir al-Sham) quickly stepped in with promises of democratic reforms and renewed international cooperation.

On May 23, 2025, the United States lifted many sanctions that had isolated Syria’s economy for over a decade. This includes a 180-day temporary waiver under the Caesar Act that allowed legal financial transactions with the Syrian Central Bank and various institutions.

The European Union also removed most of its economic restrictions on Syria just days later, on May 28, to support its reconstruction and reintegration into the global economy. International businesses saw these policy changes as a rare and immediate window to re-enter a market that had been closed off and criminalized for years.

Digital assets and decentralized finance became the only viable solution for cross-border transactions as inflation had eroded the value of the Syrian pound. Many of the population in rural and recently liberated areas had no access to regulated financial services.

Syria’s unusually high interest in cryptocurrency and a massive diaspora of more than 13 million Syrians scattered across the globe created a strong demand for low-cost, fast, and trustworthy remittance solutions that traditional banks and money services could not deliver.

Binance’s speed, scale, and global recognition gave it a first-mover advantage in a country desperate for financial stability. It positioned the company ahead of smaller crypto platforms, regional governments, and traditional financial institutions.

However, Binance’s dominating presence raises deeper governance concerns about whether the future of finance in countries like Syria, Venezuela, or Afghanistan should depend on the decisions of a single private platform. Should one company, no matter how advanced or well-meaning, hold the keys to remittances, savings, and local commerce in nations trying to recover from war, sanctions, or economic collapse?

Bitget enters the Syrian market with full services

Bitget, a fast-growing exchange known for its trading tools and community-driven platform, recognized the opportunity to tap into a newly opened market. It positioned itself as a serious alternative to Binance from the very beginning. The company launched full services in Syria on the same day as Binance and offered a competitive suite of features, such as spot trading, futures, copy trading, and earn programs.

Bitget’s CEO, Gracy Chen, explained that their mission was to serve people who “need crypto the most”. She said the company’s entry in Syria is a commitment to real-world financial utility in countries dealing with inflation, instability, and limited access to banking services. 

Binance’s early advantage still outweighed Bitget’s aggressive entry, but its presence, and possibly others, means Binance will need to innovate faster, expand its services more thoughtfully, and maintain high standards for security and education if it wants to retain its lead.

We may soon see platforms like OKX, Bybit, or even Coinbase looking to enter markets that were once considered off-limits due to legal complexity or reputational risk. They will likely have to adopt clearer compliance policies to meet the expectations set by early movers.

Countries with partial sanctions, large diaspora populations, or weak banking sectors across the Middle East and North Africa, like Lebanon, Iraq, or Yemen, may also explore crypto adoption more seriously if Syria’s crypto re-entry proves successful.

Cryptopolitan Academy: Want to grow your money in 2025? Learn how to do it with DeFi in our upcoming webclass. Save Your Spot