CoinMENA | Crypto

CoinMENA will use Standard Chartered to strengthen fiat payment rails in the UAE, while Revolut reportedly secured central bank licenses ahead of a planned local launch. Crypto exchange CoinMENA has entered a banking agreement with Standard Chartered to strengthen fiat payment infrastructure for customers in the United Arab Emirates. Under the agreement, CoinMENA will use Standard Chartered to support fiat on- and off-ramps, client money accounts and virtual account-based transaction management, according to a press release shared to Cointelegraph. The exchange said the arrangement would improve transparency and liquidity settlement with approved global counterparties. In the announcement, Standard Chartered UAE, Middle East and Pakistan CEO Rola Abu Manneh said the UAE had established itself as a leading regulatory environment for digital assets, creating opportunities for financial institutions and regulated firms to collaborate. Read more

Paribu has bought a majority stake in Dubai- and Bahrain-licensed CoinMENA in a deal valuing the exchange at up to $240 million. Turkish crypto exchange Paribu has acquired a majority stake in CoinMENA, a Sharia-compliant cryptocurrency exchange licensed in Dubai and Bahrain. According to a Thursday CoinMENA announcement, Paribu acquired a majority stake in CoinMENA in a deal valuing the company at up to $240 million. The company claims the transaction is Türkiye’s largest fintech deal to date and the country’s first cross-border acquisition of a digital asset platform. Paribu said it plans to use the acquisition to scale its operations beyond its home market. CoinMENA obtained a license from Bahrain’s central bank in early 2021 and another from Dubai’s Virtual Assets Regulatory Authority at the end of 2023. Read more