Turkish cryptocurrency platform Paribu has successfully acquired a controlling interest in CoinMENA, a cryptocurrency exchange regulated in Bahrain and Dubai.

Details of the acquisition indicate that the transaction could value CoinMENA at up to $240 million, positioning it as the largest fintech deal in Turkey and marking the country’s first cross-border takeover of a digital asset platform.

Paribu aims to leverage this acquisition to broaden its operations beyond Turkey’s market. CoinMENA secured its regulatory approval from Bahrain’s central bank in early 2021 and from Dubai’s Virtual Assets Regulatory Authority at the end of 2023.

“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,” says Yasin Oral, founder and CEO of Paribu.

Paribu and CoinMENA representatives. Source: CoinMENA

Impact on the MENA Region

Oral elaborated that this deal could significantly affect the digital finance ecosystem in Turkey and the wider MENA area:

“We are opening a new chapter in Paribu’s growth journey, extending our presence into the MENA region and contributing to the ongoing consolidation of the global digital asset industry.”

Recent developments in the MENA area include Ripple’s stablecoin gaining approval for institutional use in Abu Dhabi and a new UAE decree extending regulatory scopes to decentralized finance and the Web3 industry. Additionally, Turkey has been recognized as a leading crypto market within the region, indicating a surge in speculative activities rather than sustainable adoption.