Turkey’s Paribu acquires majority stake in CoinMENA in $240m deal

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Turkish digital asset platform Paribu said on Friday it acquired a majority stake in the Bahrain and Dubai-based cryptocurrency platform CoinMENA in a transaction valuing the company at up to $240m.

The transaction marks Turkey’s largest fintech transaction to date, as well as its first cross-border acquisition of a digital asset platform.

Yasin Oral, founder and CEO of Paribu, said in a statement the deal was a “turning point” for Paribu with its expansion into the Middle East and North Africa region.

“With this acquisition, we have expanded our licensed operations to a wider geography, becoming a regulated player in one of the world’s most crypto-adoptive markets,” he said.