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After over ten years of economic isolation, Syria is re-entering the global financial arena following the recent decision by the US government to lift longstanding sanctions. In a rapid response, Binance, recognized as the largest cryptocurrency exchange globally in terms of trading volume, has announced the extension of its services to users in Syria.
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This development signifies a crucial turning point for financial integration within the war-torn nation. Binance, which operates with 21 regulatory licenses across different jurisdictions, will provide Syrian users with access to a comprehensive range of cryptocurrency services, encompassing both spot and futures trading, digital asset staking, stablecoins, and Binance Pay for international money transfers.
Additionally, the platform is launching localized support and educational resources in Arabic to facilitate a smoother onboarding process and ensure secure engagement with the digital economy.
Cryptocurrency: A vital resource for many
Syria’s population stands at roughly 24 million, with an estimated 8 to 15 million residing abroad. The enduring economic struggles and rampant inflation have led many families to rely on informal financial networks and remittances from abroad.
In fact, Syria was among the top ten countries worldwide for cryptocurrency-related online searches as late as 2021, demonstrating the population’s enthusiasm for alternative financial solutions.
“After years of being sidelined, Syrians now have the opportunity to build, invest, and connect,” stated Richard Teng, CEO of Binance. “This initiative goes beyond simply opening accounts; it’s about creating new possibilities and expanding horizons.”
Binance has committed to providing ongoing educational resources and secure access to digital financial instruments for Syrian users, positioning this initiative within its broader objective of promoting global financial inclusion.
Qatar-led energy project could reshape the energy sector
In addition to digital reintegration, Syria is preparing for a significant overhaul of its physical infrastructure. A $7 billion initiative spearheaded by Qatar’s UCC Holdings aims to substantially enhance Syria’s electricity generation capacity through the development of four combined-cycle gas turbine plants and a solar power facility.
Announced in late May 2025, this agreement marks Syria’s largest foreign investment since the sanctions were lifted. However, its success depends critically on repairing the country’s decaying power grid.
Years of conflict and resource depletion have devastated two-thirds of Syria’s electricity transmission infrastructure. The Energy Ministry projects that approximately $5.5 billion will be necessary for grid restoration, a sum the government currently lacks.
“By that time, we may complete the grid rehabilitation,” Energy Minister Mohammed Al Bashir informed Reuters, indicating that complete operations of power plants could commence within three years if advancements continue.
IMF signals readiness to provide technical support
In another positive development, the International Monetary Fund (IMF) has signaled its willingness to assist Syria with technical guidance. On May 22, IMF Communications Director Julie Kozack confirmed the Fund’s readiness to help the nation reconstruct its economic institutions.
“Syria will require extensive support to rebuild its economic framework,” Kozack emphasized. “We are prepared to offer advice and targeted, prioritized technical assistance in our areas of expertise.”
This represents the IMF’s first interaction with Syria since its last Article IV economic review in 2009. Kozack noted that the recent lifting of sanctions could be crucial for facilitating Syria’s recovery and reconstruction efforts.
New currency production in UAE and Germany
Another significant adjustment in post-sanctions Syria involves a change in its currency production approach. According to three informants, Syria intends to produce new banknotes in the UAE and Germany, moving away from its historical dependence on Russian printing facilities.
This shift signifies Syria’s improving relations with Gulf and Western nations.
The newly designed banknotes are expected to omit the image of former president Bashar Al Assad, representing a symbolic departure from the past.
The objective is to alleviate a banknote scarcity and restore confidence in the national currency after years of hyperinflation and devaluation.
DP World to enhance Tartous Port through an $800 million agreement
In another indication of renewed international collaboration, Syria has signed a memorandum of understanding (MoU) with DP World, based in Dubai, for the development of Tartous Port. The $800 million agreement includes plans to establish and manage a multi-purpose terminal, alongside industrial and free trade zones.
This agreement, announced on May 16, represents the first major commercial port deal since the sanctions were alleviated. DP World, a subsidiary of Dubai World in the UAE, has described the venture as a long-term partnership aimed at enhancing trade and infrastructural development in the area.
The memorandum was signed in the same week former US President Donald Trump officially announced the lifting of sanctions during his visit to Riyadh.
(With inputs from Reuters)