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Turkish cryptocurrency exchange Paribu completes acquisition of a MENA region exchange
Source: DigitalToday
Original Title: Turkish Cryptocurrency Exchange Paribu Acquires Major Stake in Competitor CoinMENA
Original Link: https://www.digitaltoday.co.kr/news/articleView.html?idxno=610772
Turkish cryptocurrency exchange Paribu has successfully acquired a major stake in CoinMENA, a cryptocurrency exchange with regulatory approvals in Dubai and Bahrain.
The deal is valued at up to $240 million.
With this acquisition, Paribu plans to expand its business from Turkey into the Middle East and North Africa (MENA) markets. CoinMENA obtained a license from the Central Bank of Bahrain in 2021 and another from the Dubai Virtual Assets Regulatory Authority in 2023. Paribu founder and CEO Yasin Oral stated, “Through this acquisition, we have become a regulated participant in one of the world’s most crypto-friendly markets.”
Turkey has recently emerged as a rising player in the cryptocurrency market. According to a report by Chainalysis, Turkey has become the most active cryptocurrency trading market in the MENA region this year. However, some analysts point out that the increase in trading volume is mainly driven by speculative activity rather than sustained market adoption.