Paribu, one of Turkey’s largest digital asset platforms, has acquired crypto exchange CoinMENA for up to $240 million, marking the country’s biggest fintech acquisition and its first cross-border crypto deal, the company announced on Friday.

CoinMENA, based in Bahrain and operating with licenses in both Bahrain and Dubai, is one of the top local exchanges in the Middle East and North Africa (MENA) region.

The acquisition gives Paribu an immediate regulatory footing in jurisdictions that have become hubs for digital assets, including Dubai, which has been licensing crypto firms under its Virtual Assets Regulatory Authority (VARA).

The move reflects a broader wave of crypto industry consolidation. A total of 95 mergers and acquisitions were announced globally in the third quarter of 2025 alone, according to a report from Architect Partners.

By acquiring CoinMENA, Paribu positions itself as a licensed exchange, expanding into a region that has been rapidly adopting crypto. CoinMENA serves over 1.5 million users in 45+ countries, offering trades in eight local currencies plus the U.S. dollar. It has raised nearly $20 million from investors including Arab Bank Switzerland and Circle.

For now, users of both platforms will see no change to operations, the firms said.