Turkish cryptocurrency exchange Paribu announced it has acquired a majority stake in CoinMENA, the leading Sharia-compliant crypto platform in the Middle East and North Africa (MENA) region.
The transaction values CoinMENA at up to $240 million, marking Turkey’s largest fintech acquisition to date and its first cross-border purchase of a digital asset platform.
Paribu, founded in 2017 and Turkey’s top crypto exchange with over 10 million users, is acquiring a controlling stake in CoinMENA. CoinMENA, established in 2020 by Talal Tabbaa and Dina Sam’an, operates as a regulated crypto service provider serving 1.5 million users across 45 countries, with support for over 50 cryptocurrencies and local fiat on-ramps.
The deal is valued at up to $240 million, though exact terms weren’t disclosed publicly. CoinMENA had previously raised about $20 million from investors like BECO Capital, Arab Bank Switzerland, Circle Ventures, and Bunat Ventures.
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Through CoinMENA, Paribu secures two high-value regulatory licenses: From the Central Bank of Bahrain issued in early 2021. From Dubai’s Virtual Assets Regulatory Authority VARA, issued in late 2023. These enable compliant operations in two crypto-friendly hubs, bypassing years of licensing delays and positioning Paribu as a multi-jurisdictional player in MENA—a region with surging crypto adoption.
Paribu’s move is a calculated play to bridge Turkey’s vibrant but domestically focused crypto market where it handles billions in monthly volume with MENA’s growth potential.
CEO Yasin Oral described it as “opening a new chapter in Paribu’s growth journey,” emphasizing how the licenses create a “regulated player in one of the world’s most crypto-adoptive markets.”
CoinMENA’s co-founder Talal Tabbaa called it the “most transformative milestone” for the platform, validating its Sharia-compliant model amid rising demand for Islamic finance-aligned crypto services.
Sharia-compliant cryptocurrencies—often called “halal crypto”—are digital assets designed to align with Islamic principles, prohibiting riba (interest), gharar (excessive uncertainty), maysir (gambling), and haram (forbidden) activities like alcohol or pork-related ventures.
As of December 2025, this niche is exploding, driven by the 1.9–2 billion global Muslim population seeking ethical alternatives in a $3+ trillion crypto market. Adoption surged 40% year-over-year in MENA and Southeast Asia, fueled by regulatory green lights and platforms like HAQQ Network and Binance.
The sector’s value hit $8 billion in 2025, up from $4.5 billion in 2024, with projections to $12.45 billion by 2028. MENA alone saw $390 billion in crypto flows from mid-2023 to mid-2025, but halal options lag behind demand—only 5–10% of tokens are certified, creating a “supply crunch.”
Muslim-majority markets like Indonesia and UAE lead adoption, with 10–15% of locals holding crypto. This ties into the $4 trillion Islamic finance opportunity, where blockchain tokenizes sukuk for fractional, transparent ownership.
Projects like Caiz emphasize “fair finance for all,” warning against speculative “gambling” tokens while highlighting riba-free DeFi. Bitcoin (BTC) tops lists as “digital gold” for its scarcity and decentralization; Ethereum (ETH) follows for utility in non-interest DeFi.
Niche tokens like Islamic Coin (ISLM) on HAQQ Network donate 10% of supply to charity and support 6M+ users. Others include gold-backed HelloGold and Caiz Coin. Screening focuses on asset-backing (e.g., real estate or gold), transparency, and fatwas from scholars.
Tools like Saraf Screening and Halal Crypto Guide vet 50+ coins quarterly, flagging issues like interest-based staking in MakerDAO (MKR). Real-world assets (RWAs) like tokenized sukuk in Gulf nations are booming, offering yields via profit-sharing, not interest.
Binance’s Sharia Earn launched in July 2025 offers certified halal staking for BNB, ETH, and SOL in 25+ countries, certified by Amanie Advisors—praised on X as a “game-changer” for inclusion. Bybit added interest-free accounts for 18 coins. Emerging wallets like SidEx integrate AI for zakat calculations and traceable transfers.
Paribu’s $240M buy of CoinMENA secured Bahrain/Dubai licenses, expanding Sharia services to 1.5M users across 45 countries. Theological variances by region; need for standardized governance. Solutions include scholar-blockchain teams for audits.
This is the convergence of faith, tech, and finance is democratizing wealth for underserved communities, with RWAs and AI tools accelerating inclusion. On X, sentiment is bullish: “We’re entering the era of Halal DeFi.”
This acquisition signals accelerating consolidation in global crypto, for Turkey It cements Paribu’s role as a regional powerhouse, potentially exporting Turkish liquidity and tech to MENA while diversifying away from local economic volatility.
For MENA, expect enhanced infrastructure for cross-border trading, with Paribu’s scale like advanced trading tools boosting CoinMENA’s offerings. It also highlights the UAE and Bahrain as “license magnets” for global players.
Amid regulatory clarity in places like Dubai, deals like this advised by firms such as Areta underscore how acquisitions are faster routes to compliance than organic licensing. Similar to Binance’s regional pivots or OKX’s UAE push, it could spur more Turkish-MENA fintech ties.