Paribu Acquires CoinMENA
In a significant move within the cryptocurrency landscape, Turkish exchange Paribu has taken a controlling interest in CoinMENA, a cryptocurrency platform that adheres to Sharia law and is licensed in both Dubai and Bahrain. Announced on Thursday, this acquisition values CoinMENA at approximately $240 million, which Paribu describes as the most substantial fintech transaction in Türkiye’s history and the inaugural cross-border purchase of a digital asset exchange by a Turkish firm.
Expansion into the MENA Region
Yasin Oral, the CEO and founder of Paribu, emphasized that this acquisition is a pivotal step in expanding their operations beyond Türkiye, aiming to enhance their presence in the rapidly evolving MENA (Middle East and North Africa) region. CoinMENA, which obtained its operating license from the Central Bank of Bahrain in early 2021 followed by licensure from Dubai’s Virtual Assets Regulatory Authority late last year, will allow Paribu to tap into one of the most crypto-friendly markets globally.
Future Outlook
Oral expressed optimism that this acquisition will usher in substantial changes for the cryptocurrency and financial landscape, stating, “We are entering a new phase of growth at Paribu, gaining footholds in the MENA region and furthering the consolidation of the digital asset industry worldwide.”
Positive Trends in the MENA Region
This development arrives amid a flurry of positive news regarding cryptocurrencies in the MENA region. Recently, Ripple’s stablecoin was authorized in Abu Dhabi for institutional use, following its recognition by local regulatory bodies. Additionally, the United Arab Emirates’ central bank has introduced new regulations encompassing decentralized finance and the broader Web3 industry. Just last October, Bybit also achieved a Virtual Asset Platform Operator License, further highlighting a regulatory shift within the sector.
A report from Chainalysis has positioned Türkiye as the leading crypto market in the MENA region for 2023, although it cautioned that the increase in trading volumes has been primarily driven by speculative trading rather than lasting adoption.
