Ripple’s senior executive and Managing Director for the Middle East and Africa, Reece Merrick, confirmed on X on May 31 that Turkey is leading the adoption of cryptocurrencies in the Middle East and North Africa (MENA) region and ranks among the top worldwide. In the past year, the volume of cryptocurrency transactions in Turkey was about $200 billion, roughly 4 times that of the United Arab Emirates, at about $53 billion.
Turkey Data and Driving Factors Confirmed by Chainalysis
Chainalysis confirmed in its 2025 report that Turkey ranked first in the MENA region by annual cryptocurrency transaction volume, at nearly $200 billion, while the UAE’s transaction volume was $53 billion. Chainalysis confirmed that most of Turkey’s trading activity is driven by speculative trading, and it stated that currency weakness, inflation, and market volatility together have shaped Turkey’s large cryptocurrency market, and that cryptocurrency usage in the region also reflects demand for alternative financial infrastructure.
Istanbul Blockchain Week Confirmed Schedule and Ripple’s Current MENA Business Status
Istanbul Blockchain Week is scheduled for June 2 to 3, 2026. The organizers confirmed that it positions itself as a global Web3 summit at the “convergence of East and West.” The agenda covers DeFi, trading, regulation, mining, venture capital, and Web3-related topics, and includes an institutional summit focused on regulated digital asset markets.
Regarding its presence in the MENA region, Ripple confirmed that it has selected the Dubai International Financial Centre (DIFC) as its MENA headquarters, received approval from the Dubai Financial Services Authority (DFSA), and began providing regulated crypto payment services in the region in 2025; Ripple also confirmed that more than 20% of its global client base is located in the Middle East.
Frequently Asked Questions
**How did Ripple’s Reece Merrick confirm Turkey’s position in the MENA crypto market? **
On May 31, 2026, Reece Merrick, Managing Director for the Middle East and Africa at Ripple, confirmed on the X platform that Turkey leads cryptocurrency adoption in the MENA region, noting that its cryptocurrency transaction volume over the past year was about $200 billion, roughly 4 times that of the UAE.
How does Chainalysis’s data support Merrick’s assessment?
In its 2025 cryptocurrency geographic distribution report, Chainalysis confirmed that Turkey’s annual cryptocurrency transaction volume is nearly $200 billion, while the UAE is $53 billion. Chainalysis confirmed that most of Turkey’s trading activity is driven by speculative trading, and that currency weakness, inflation, and market volatility are the main factors shaping the market.
What is the scale of Ripple’s confirmed business in the MENA region?
Ripple confirmed that it has set up its MENA headquarters at the Dubai International Financial Centre (DIFC), received DFSA approval, and provided regulated crypto payment services in the region in 2025; it also confirmed that more than 20% of its global client base is based in the Middle East.
