Turkish crypto exchange Paribu buys majority stake in competitor CoinMENA

Paribu has bought a majority stake in Dubai- and Bahrain-licensed CoinMENA in a deal valuing the exchange at up to $240 million.

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

According to a Thursday CoinMENA announcement, Paribu acquired a majority stake in CoinMENA in a deal valuing the company at up to $240 million. The company claims the transaction is Türkiye’s largest fintech deal to date and the country’s first cross-border acquisition of a digital asset platform.

Paribu said it plans to use the acquisition to scale its operations beyond its home market. CoinMENA obtained a license from Bahrain’s central bank in early 2021 and another one from Dubai’s Virtual Assets Regulatory Authority at the end of 2023.

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