Turkish cryptocurrency platform Paribu has announced the acquisition of a majority stake in CoinMENA, a regulated, Sharia-compliant crypto exchange operating in Dubai and Bahrain. Valued at up to $240 million, this deal marks Turkey’s largest fintech transaction and the country’s first cross-border digital asset platform acquisition, signaling a significant step in regional crypto expansion.
According to a formal announcement, Paribu intends to leverage the acquisition to extend its footprint beyond Turkey’s borders. CoinMENA, licensed by Bahrain’s central bank in early 2021 and later by Dubai’s Virtual Assets Regulatory Authority in late 2023, provides a regulated environment for trading digital assets aligned with Islamic finance principles. The strategic move aims to tap into the growing demand for compliant crypto services in the Middle East and North Africa (MENA) region.
Yasin Oral, CEO of Paribu, emphasized that the acquisition broadens their geographical reach and strengthens their regulatory standing in one of the world’s most active crypto markets. “With this move, we are opening a new chapter in Paribu’s growth journey, expanding our presence into the MENA region and contributing to the ongoing consolidation of the global digital asset industry,” he stated.
Crypto Growth in the MENA Region
Oral predicted that the deal would have far-reaching impacts on the digital asset and broader financial ecosystems within Turkey and across the MENA region. The announcement coincides with recent regional developments, including Abu Dhabi’s approval of Ripple’s dollar-pegged stablecoin for institutional use and new regulatory frameworks in the UAE aimed at incorporating decentralized finance and Web3 innovations.
In early October, Bybit secured a Virtual Asset Platform Operator License from the UAE’s Securities and Commodities Authority, illustrating increasing regulatory clarity. Turkey also emerged as a leading crypto market in 2023, according to Chainalysis, although the surge has largely been driven by speculative activity rather than widespread adoption.
The regional landscape continues to evolve, with increasingly sophisticated regulatory measures and expanding institutional involvement, positioning MENA as a growing hub for digital assets. Paribu’s strategic move into this market signals a broader trend of regional integration and institutional acceptance of crypto assets.