Binance, Bitget Drive Crypto Adoption in Syria Post-Sanctions

- Major exchanges Binance and Bitget launch comprehensive crypto services in Syria. - Initiatives follow lifted US and EU sanctions in May 2025, creating new market opportunities. On June 12, 2025, CoinToday reported that Binance and Bitget swiftly entered Syria's crypto market, marking a new financial era post-sanctions. Their strategic move followed the US and EU lifting major sanctions in May 2025, a development that opened the Syrian market to financial institutions and technology firms. Binance deployed a comprehensive suite of services, including spot trading with over 300 cryptocurrencies, futures trading, peer-to-peer (P2P) trading in Syrian Pound (SYP), Binance Earn programs, and Binance Pay for remittances. As a promotional incentive, Binance is offering zero-fee P2P trades in SYP from June 16 to July 12, 2025, and the exchange also provides Arabic-language educational content. Similarly, Bitget launched a competitive assortment of features, including spot trading, futures, copy trading, and various earn programs. Furthermore, their CEO, Gracy Chen, emphasized Bitget's mission to serve those in unstable economies who need crypto the most. These market entries follow significant political and economic shifts in Syria, including the Assad regime's collapse in December 2024 and the subsequent establishment of a transitional government by Hay’at Tahrir al-Sham (HTS). The US lifted sanctions on May 23, 2025, under a temporary waiver of the Caesar Act, and the EU followed by removing most economic restrictions on May 28, 2025. These actions collectively created an opening for these exchanges. The strategic timing afforded Binance and Bitget a first-mover advantage, as the Syrian market shows high demand for alternative financial tools. This demand is driven by a weak banking infrastructure, high inflation (recorded at 15.87% as of February 2025), and a substantial diaspora, with many citizens living in poverty and requiring low-cost remittances and savings solutions. Both exchanges enforce strict compliance measures; for instance, users must complete Know Your Customer (KYC) identity verification to access services. These measures are intended to deter illicit activities. However, the rapid entry of tech firms into Syria raises governance concerns, with caution advised regarding the potential for corporations to influence remittances, savings, and local commerce in a fragile economy. These developments in Syria could set a precedent for other crypto exchanges, which might explore markets with partial sanctions or weak banking systems, such as Lebanon, Iraq, or Yemen. Despite the opportunities, the misuse of crypto, particularly by militant groups, presents significant risks. Historical data indicate that organizations like al-Qaeda have used virtual assets for money transfers in Syria, a concern previously noted by the US Treasury. Market data as of June 19, 2025, 15:09 UTC, indicated the following: - Bitcoin Cash (BCH) was trading at $484.24 (a 4.009% change). - Toncoin (TON) was at $2.94 (a 1.322% change). - BNB (BNB) was at $640.87 (a -0.399% change). - Bitcoin (BTC) was trading at $104,309.36 (a -0.366% change). - Ethereum (ETH) stood at $2,502.33 (a -0.375% change). - XRP (XRP) was priced at $2.152 (a 0.058% change). - Shiba Inu (SHIB) was listed at $0 (a -0.952% change). - Dogecoin (DOGE) traded at $0.168 (a 0.04% change).