The Turkish cryptocurrency exchange Paribu has acquired a majority stake in CoinMENA, a Sharia-compliant cryptocurrency exchange licensed in Dubai and Bahrain.

According to an announcement released by CoinMENA on Thursday, Paribu has acquired a majority stake in CoinMENA, valuing the company at up to $240 million. The company stated that this transaction is the largest fintech deal in Turkey to date and marks the country's first cross-border acquisition of a digital asset platform.

Paribu plans to leverage this acquisition to expand its business beyond the domestic market. CoinMENA obtained its license from the Central Bank of Bahrain in early 2021 and received another license from the Dubai Virtual Assets Regulatory Authority by the end of 2023.

Paribu's founder and CEO Yasin Oral noted, "Through this acquisition, we have expanded our licensed operations to a broader geographical area, becoming a regulated participant in one of the markets with the highest acceptance of cryptocurrency globally."

Oral expressed his expectation that this transaction will have a profound impact on the digital asset and broader financial ecosystem in Turkey and the Middle East and North Africa (MENA) region.

This announcement follows numerous developments in the MENA region over the past few months. At the end of November, Ripple's USD stablecoin was approved for use by institutions in Abu Dhabi after being recognized by local regulators as an "acceptable fiat currency reference token."

Also in November, it was reported that a new decree issued by the Central Bank of the United Arab Emirates would bring decentralized finance and the broader Web3 industry under regulatory oversight. In early October, the cryptocurrency exchange Bybit received a virtual asset platform operator license from the UAE Securities and Commodities Authority.

At the same time in October, a report released by Chainalysis recognized Turkey as the leading cryptocurrency market in the MENA region this year. However, the report also pointed out that the surge in cryptocurrency trading volume is driven more by speculative activities rather than sustainable adoption.

Related: French banking giant BPCE to launch in-app cryptocurrency trading service

Original article: “Turkish cryptocurrency exchange Paribu acquires majority stake in competitor CoinMENA”

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