Turkish cryptocurrency exchange Paribu has acquired Bahrain-based CoinMENA in a deal valued up to $240mn.
The acquisition marks the largest fintech transaction in Turkey’s history and signals a significant consolidation of the Middle East’s fragmented digital asset market.
The all-cash and equity deal gives Paribu immediate regulatory footholds in two of the region's most critical jurisdictions: the United Arab Emirates and Bahrain. CoinMENA currently holds licenses from both Dubai’s Virtual Assets Regulatory Authority (VARA) and the Central Bank of Bahrain (CBB).
Strategic Expansion
Paribu, already Turkey's dominant platform by trading volume, is looking to export its user base model beyond its domestic borders. While Turkey has high grassroots crypto adoption driven by inflation, the Gulf offers a more structured regulatory environment and higher-net-worth institutional flows.
"This transaction is a turning point," said Yasin Oral, Paribu’s founder and CEO. "We are opening a new chapter in Paribu’s growth journey, extending our presence into the MENA region and contributing to the ongoing consolidation of the global digital asset industry."
The deal effectively allows Paribu to bypass years of regulatory groundwork. Instead of applying for new licences from scratch in the Gulf, it has bought a fully compliant, operational entity with banking rails already in place, a notorious bottleneck for crypto firms in the region.
Market Consolidation
CoinMENA was founded in 2020 by Talal Tabbaa, Dina Sam’an and Yazan Barghuthi. It had raised approximately $20mn from investors, including Circle, Arab Bank Switzerland and BECO Capital. The exchange claims 1.5mn users across 45 countries, though the bulk of its volume is concentrated in the Gulf Cooperation Council (GCC) states, which include Saudi Arabia, the United Arab Emirates and Kuwait.
For CoinMENA, the exit comes at a time of intensifying competition. Global giants like Binance, OKX and Bybit have all established regional HQs in Dubai or Abu Dhabi over the last two years, squeezing smaller local players on fees and liquidity.
"The MENA digital asset market continues to grow and mature," said Tabbaa and Sam’an in a joint statement. "Paribu’s investment validates the strength of what we have built."
The acquisition is expected to close later this month, subject to final regulatory approvals from VARA and the CBB.
