HTS militants use cryptocurrency for fundraising amid Syria’s political upheaval.
Informal crypto businesses thrive in conflict zones, strengthening digital currency use.
Syria’s geopolitical ties with Iran and Russia may drive future crypto adoption.
Syria’s political landscape has shifted dramatically with the collapse of the Assad regime, which ruled the country for over 50 years. As the conflict enters a new phase, cryptocurrency has emerged as a key tool for militants, sparking debates about its role in Syria’s economy.
While crypto adoption remains limited in Syria, the ongoing conflict has led to increased use of digital currencies. Opposition faction HTS has actively used crypto for fundraising. Farrukh Fayzimatov, an HTS member, has solicited crypto donations via social media.
Militant Fundraising Through Digital Currencies
Fayzimatov, also known as Farrukh al-Shami, faced U.S. Treasury sanctions in 2021 for spreading propaganda and gathering crypto donations. Despite surviving an assassination attempt earlier this year, he continues to use digital assets to raise funds, underscoring crypto’s growing role in militant operations.
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