In a country long cut off from the global financial system, the sudden reopening of doors to international markets has created a rare moment of transformation. Syria, with its 24 million people and a heavily cash-dependent economy, is emerging as a unique testing ground for blockchain and Web3 solutions. With U.S. sanctions eased for the first time in more than a decade, opportunities once unimaginable are now within reach.
To understand what this shift means for Syrians and how digital assets could reshape their financial future, Bader Kalooti, Regional Growth and Operations Lead for MENASAT at Binance, discussed the company’s entry into Syria and the role blockchain can play in rebuilding trust, driving inclusion, and connecting a young, eager population to the global economy.
Why does Syria present such a unique opportunity for blockchain and Web3 solutions?
Syria’s population is around 24 million, and a large portion still relies on cash-based systems with very limited access to traditional banking services. This environment has created an opportunity for blockchain and Web3 to leapfrog traditional financial systems, once sanctions were lifted.
Can you explain the impact of sanctions and how things have recently shifted?
For more than a decade, sanctions kept Syria largely cut off from the global financial system. Restrictions imposed in 2011 included oil embargoes, asset freezes, and export bans, which isolated the economy and made cross-border opportunities nearly impossible. Recently, however, the suspension of US sanctions – along with waivers and licenses for limited transactions – has begun to change that. In July, an executive order went further by lifting many longstanding restrictions, giving Syrians a genuine chance to reconnect with the global economy.
What does this new financial landscape mean for Syrian residents?
Syrians now have access to hundreds of digital assets, spot the futures trading, staking and earn products, stablecoins, and Binance Pay for cross-border remittances. This is a milestone moment, opening the door to greater inclusion and participation in the global financial system in ways that weren’t possible before.
Beyond remittances, how else could blockchain benefit people and businesses in Syria?
The implications go far beyond remittances. Small businesses can begin accepting digital payments, connecting to regional and global markets, and reducing dependence on cash and informal credit. Young developers, students, and creators can access Web3 platforms, learn new skills, and pursue careers that were previously out of reach. Given Syria’s young population, these tools could spark entrepreneurship, innovation, and stronger connections to the global knowledge economy.
How important is trust in driving adoption for these technologies?
Trust is crucial. In a country where formal systems have often failed to meet people’s needs, blockchain provides an alternative built on transparency and stability. For Syrians, this means savings and transfers are secure, creating a foundation for wider adoption of decentralized finance.
What role does education play in this transition?
Education and awareness are vital. Blockchain and Web3 are new to many people, and building confidence is essential. Resources like Binance Academy, which provides free educational tools, are key to encouraging adoption and lowering barriers to entry.
What does the arrival of Binance in Syria signify beyond just another market entry?
It represents change. The arrival of Binance in Syria is not only about a new player in the market but also about recognition that blockchain can act as a bridge for people excluded from traditional systems. In a country where access has long been restricted, this step carries meaning far beyond the technology itself.
How have Syrians responded so far?
The response has been remarkable. Since launching in Syria, registrations have risen sharply, especially in peer-to-peer and on/off-ramp services. Monthly trading volumes have also grown substantially, and Fan Token purchases have seen extraordinary growth. This isn’t just about numbers – it’s proof of a community that has long been eager to engage with crypto but lacked the access.
Looking ahead, what are the biggest challenges and opportunities?
The road ahead will take time, with continued focus on education and trust-building. But the foundations have been laid. What matters most is real-world utility – giving people tools to manage financial challenges that traditional systems haven’t addressed. For Syrians, digital assets are more than investments; they’re a pathway to reconnect with the global economy. While barriers remain, the doors that have opened mark a significant step forward.
