Turkey Dominates MENA Crypto Market with Speculative Trading Surge

Turkey has overtaken other major markets like the United Arab Emirates (UAE) as the leading crypto hub in the Middle East and North Africa (MENA) region, according to recent data. As per Cointelegraph, Turkey recorded nearly $200 billion in annual cryptocurrency transactions – a figure that dwarfs the UAE’s $53 billion, which is roughly four times smaller. This surge in crypto activity within Turkey is primarily driven by speculative trading rather than widespread adoption, as highlighted by Chainalysis in their latest regional report.