Turkish crypto exchange Paribu has purchased a majority stake in CoinMENA, a Sharia-compliant exchange licensed in both Bahrain and Dubai. CoinMENA announced that the deal values the company at up to $240 million, characterizing it as Türkiye’s largest fintech transaction to date and the country’s first cross-border takeover of a digital asset platform. Paribu, recognized as one of Türkiye’s largest trading platforms, stated that this strategic move grants the company a regulated presence across a significantly wider geographical area. CoinMENA initially secured its operating license from Bahrain’s central bank in early 2021 and subsequently obtained approval from Dubai’s Virtual Assets Regulatory Authority (VARA) in late 2023. Paribu CEO Yasin Oral commented, “With this acquisition, we have expanded our licensed operations to a wider geography, becoming a regulated player in one of the world’s most crypto-adoptive markets.”
Investor Takeaway
The acquisition provides Paribu with a licensed operational base in two of the most dynamic crypto hubs within the Middle East. This expansion is particularly significant at a time when regional platforms are undergoing consolidation and regulatory oversight is intensifying.
The Strategic Importance of the MENA Region for Paribu's Growth
Yasin Oral highlighted the acquisition as a pivotal moment for Paribu's regional expansion, anticipating significant consequences for both the digital asset and the broader finance ecosystem in Türkiye and across the Middle East and North Africa (MENA) region. Turkey has already established itself as a prominent market within MENA's crypto landscape. A recent report from Chainalysis identified Turkey as the region's largest market in terms of transaction volume for the current year, although a substantial portion of this activity is attributed to speculative trading rather than long-term usage. Nevertheless, these figures underscore the considerable growth of the user base and explain why Turkish exchanges are increasingly looking beyond their domestic market as competition intensifies. CoinMENA's established regulatory status in both Bahrain and Dubai equips Paribu with the necessary infrastructure to operate effectively in two jurisdictions considered crucial gateways for institutional crypto adoption in the Gulf. Bahrain offers one of the region's earliest established licensing frameworks, while Dubai's VARA regime has become a significant attraction for exchanges seeking clear and defined regulatory guidelines.
Paribu's Acquisition Aligns with MENA's Evolving Crypto Regulatory Environment
The MENA region has witnessed a rapid succession of policy adjustments and licensing activities in recent months. In late November, Ripple's dollar-pegged stablecoin received approval for institutional use in Abu Dhabi, having been designated as an "Accepted Fiat-Referenced Token" by the local regulatory authority. Concurrently, a new decree from the UAE central bank was reported to extend its oversight to decentralized finance and other Web3-related activities. Crypto exchanges have been proactively securing their positions within these evolving regulatory frameworks. In October, Bybit obtained a Virtual Asset Platform Operator License from the UAE's Securities and Commodities Authority. In the same month, Chainalysis observed that while Turkey leads MENA in crypto trading volume, this surge is still closely linked to trading cycles rather than widespread utility. These developments indicate a region-wide commitment to implementing structured oversight, with Bahrain, the UAE, and Saudi Arabia all actively working towards establishing clearer regulatory rules. For an exchange like Paribu, entering this market through an already licensed operator significantly reduces the typical hurdles that foreign platforms encounter when attempting to establish a presence in Gulf markets.
Investor Takeaway
Regulators across the MENA region are actively developing competitive frameworks designed to attract and govern cryptocurrency exchanges. Platforms that have secured early regulatory approvals may gain a distinct advantage as institutional investors, payment providers, and remittance services increasingly seek compliant gateways for digital asset transactions.
Future Outlook for Paribu and CoinMENA
Paribu is actively pursuing expansion beyond Türkiye at a time when global exchanges are refining their regional strategies. Obtaining licenses in the Gulf enables the company to access markets characterized by rising crypto adoption and regulatory clarity that is more advanced than in much of the Global South. CoinMENA, already operating as a Sharia-compliant exchange, brings valuable brand recognition and established banking relationships across Bahrain and Dubai. Paribu's next steps will involve determining the optimal integration of trading functionalities, asset listings, and user onboarding processes across both platforms, while ensuring continued adherence to regulatory requirements in each respective market. This acquisition also contributes to a broader trend of consolidation within digital asset platforms, particularly in regions that are prioritizing licensing-based market structures. The extent to which Paribu utilizes CoinMENA as a central operational hub for the wider Gulf region will ultimately depend on the pace of demand growth and the ongoing evolution of the competitive landscape shaped by Gulf regulators.