The Turkish crypto exchange Paribu has acquired a majority stake in CoinMENA, a Sharia-compliant platform licensed in Dubai and Bahrain. The announcement was made on Thursday, indicating that the transaction’s valuation amounts to $240 million, consolidating it as Turkey’s largest fintech deal to date and the country’s first cross-border acquisition of a digital asset platform by a Turkish player. Paribu CEO Yasin Oral stated that they will expand their regulated operations to a wider geography, entering one of the markets with the highest cryptocurrency adoption.
The purchase is a key strategy for Paribu. The CEO anticipates that the deal will have far-reaching consequences for digital assets and the financial ecosystem in Turkey and the Middle East and North Africa (MENA) region, contributing to the global consolidation of the industry. This move comes in a context of rapid regulatory evolution in the MENA region, where stablecoins were recently approved and new decrees were implemented to regulate the DeFi and Web3 sectors in the United Arab Emirates.
The Turkish exchange’s action demonstrates a focus on regulated markets and establishes a new chapter in Paribu’s growth trajectory. CoinMENA already holds licenses from the Central Bank of Bahrain and Dubai’s Virtual Assets Regulatory Authority (VARA), which provides Paribu with a solid base for its expansion. Going forward, this agreement will be an indicator of the growing interconnection and consolidation between the crypto markets of Turkey and the Gulf.
Source: https://www.coinmena.com/en/blog/33rM0yQBXJbXTFfYP5zg0i
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