In a dramatic turn of events, Paribu, the Turkish crypto exchange, has secured a majority stake in CoinMENA, a Sharia-compliant platform licensed in the glittering financial hubs of Dubai and Bahrain. Who would’ve thought, right?
The acquisition deal, announced on Thursday, values CoinMENA at a jaw-dropping $240 million. And guess what? Paribu boldly claims this is the largest fintech deal Türkiye has ever seen and-wait for it-the country’s first cross-border acquisition in the digital asset space. Oh, and it’s 2025. Just in case you forgot.
In a move that only a crypto kingpin could pull off, Paribu plans to use this acquisition to push its operations well beyond Turkey’s borders. CoinMENA, which obtained licenses from both Bahrain’s central bank in early 2021 and Dubai’s Virtual Assets Regulatory Authority in late 2023, is now officially part of Paribu’s ever-expanding empire.
“With this acquisition, we’re expanding our licensed operations to a broader region. We’re now officially a regulated player in one of the most crypto-friendly markets in the world,” Paribu’s founder and CEO, Yasin Oral, stated. It sounds like a line from a script, but hey, it’s happening.
Crypto in the MENA Region: Big Moves, Bigger Hype
Oral further said that this deal would have far-reaching consequences, “for the digital asset and broader finance ecosystem in Türkiye and the Middle East and North Africa (MENA) region.” Translation: “We’re here to change the game.” 😎
“We’re opening a new chapter in Paribu’s growth, extending our presence into the MENA region and adding to the ongoing consolidation of the global digital asset industry.”
Of course, this announcement follows a series of developments in the MENA region that have set the crypto world abuzz. In late November, Ripple’s dollar-pegged stablecoin was cleared for use by institutions in Abu Dhabi, making waves after winning the title of an Accepted Fiat-Referenced Token by the local watchdog. It’s like a digital currency party, and everyone’s invited. 🥳
And in case you missed it, a new decree by the UAE’s central bank in November aims to bring decentralized finance and Web3 under regulatory control. The wheels of regulation are turning, people. In early October, Bybit also secured a Virtual Asset Platform Operator License in the UAE. Yep, the MENA region is definitely getting the crypto treatment.
By the way, let’s not forget that Turkey, according to a report by Chainalysis in October, has become the leading crypto market in the MENA region this year. But… the rise in crypto volumes? More speculation than sustainable adoption. Could be the calm before the storm. 🌪️
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2025-12-05 15:45