Türkiye-based digital asset platform Paribu has acquired middle eastern rival CoinMENA in a deal valuing the latter at up to $240m.
Paribu said the transaction represents Türkiye’s largest fintech acquisition to date and the country’s first cross-border crypto deal.
It operates in Bahrain under its licensed entity CoinMENA B.S.C, and in Dubai through CoinMENA FZE with a Virtual Asset Service Provider (VASP) license issued by the Dubai Virtual Assets Regulatory Authority (VARA).
Launched in 2020 by Talal Tabbaa and Dina Sam’an, the platform a large user base, capacity to serve both retail and institutional clients, and supports trading in local currencies.
Paribu said the acquisition would help make it one of the strongest licensed players in the region.
It added that agreement does not introduce any changes to the operations of Paribu or CoinMENA and there will be no impact on Paribu users’ crypto transactions, deposit, or withdrawal processes.
Paribu was founded by Yasin Oral in Istanbul in 2017 and has since grown to become one of Türkiye’s leading crypto-asset platforms.
