Turkish crypto exchange Paribu buys majority stake in competitor CoinMENA
PositiveCryptocurrency
- Turkish cryptocurrency exchange Paribu has acquired a majority stake in its competitor CoinMENA, a Dubai- and Bahrain-licensed exchange, in a deal valued at up to $240 million. This acquisition marks a significant expansion for Paribu in the Middle Eastern market, enhancing its competitive position in the rapidly evolving cryptocurrency landscape.
- The acquisition is a strategic move for Paribu, allowing it to broaden its reach and services in the Middle East, a region that is increasingly becoming a hub for cryptocurrency trading and innovation. This investment reflects Paribu's ambition to solidify its presence in a competitive market.
- The deal occurs against a backdrop of regulatory changes in the UAE that have raised concerns among crypto developers regarding self-custody services. While Paribu's acquisition signals growth, the evolving regulatory environment poses challenges for cryptocurrency operations in the region, highlighting the need for adaptability in a sector facing both opportunities and restrictions.
— via World Pulse Now AI Editorial System
