Bybit Launches Sharia-Compliant Crypto Accounts, Enables Support For 18 Coins

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As a seasoned analyst with over two decades of experience in the financial industry, I find it fascinating to witness such strategic moves by crypto exchanges like Bybit and Kraken. The launch of Sharia-compliant crypto accounts by Bybit is a game-changer, as it not only expands their user base but also promotes inclusivity within the crypto space – a move that I believe will significantly contribute to onboarding more Muslim investors into this burgeoning market.

Bybit cryptocurrency platform unveiled Sharia-compatible digital asset accounts, which adhere to religious guidelines within Islam. These specialized accounts will provide services that meet these legal requirements. Simultaneously, Bybit is now supporting 18 different cryptocurrencies on these Islamic accounts. Concurrently, the U.S.-based crypto exchange Kraken has expanded its presence in Europe through a recent acquisition.

Bybit Launches Sharia-Compliant Crypto Accounts

Bybit, one of the world’s top two cryptocurrency exchanges by trading volume, has unveiled its new line of Sharia-compliant digital asset accounts. These accounts, developed in collaboration with ZICO Shariah Advisory Services, adhere to Islamic principles. The Islamic accounts are designed without any interest-based mechanisms, providing a suitable platform for Muslim investors who wish to engage in cryptocurrency trading while remaining faithful to their religious beliefs.

Simultaneously, cryptocurrency accounts are being made accessible to traders globally, particularly those who follow Islamic financial principles. As announced by Ben Zhou, Bybit’s CEO, these initial offerings will encompass Spot Trading, a Daily Cash Accumulation (DCA) Trading Bot, and the Spot Grid Bot.

To function effectively, users must first establish a primary account, followed by creating an Islamic sub-account. The primary account serves as the main platform for handling deposits and withdrawals.

Simultaneously, the cryptocurrency exchange plans to accommodate 18 digital currencies: USDT, USDC, BTC, ETH, SOL, XRP, ADA, POL, AVAX, LINK, LTC, BNB, ATOM, ETC, UNI, XLM, ALGO, and XTZ. This action marks a notable milestone as Bybit emerges as the pioneer among leading crypto exchanges to provide an Islamic crypto account.

Making this shift fosters a more inclusive environment within the cryptocurrency realm, potentially attracting a greater number of Islamic investors to participate in the digital currency market.

Kraken Widens European Reach With BCM Acquisition

Kraken, a cryptocurrency platform, revealed that they have bought Coin Meester B.V., a Dutch crypto brokerage firm (BCM). The exchange emphasized that this purchase is a crucial step in their plan for expansion within Europe. As a result of the acquisition, Kraken claims to have broadened its presence in the Netherlands and strengthened its operations with a legally recognized Virtual Asset Service Provider (VASP) in France and Poland.

As a crypto investor, I’m thrilled about Kraken’s latest move, which allows them to provide Virtual Asset Service Provider (VASP) services directly or through partnerships in eight European countries: Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland. This expansion is not only good news for these specific nations but also a bullish sign for broader crypto adoption, particularly as Kraken strengthens its presence in the dynamic European market.

Coinbase Looking To Secure A Win For Crypto

Coinbase is challenging the SEC’s decision not to establish guidelines for the cryptocurrency industry by filing an appeal. The absence of regulatory clarity in the U.S. has been a barrier to widespread crypto adoption. To address this, Coinbase is making a case before the court, urging the Commission to set up a clear legal structure for digital assets, thereby fostering industry growth and development.

This appeal is undoubtedly timely, considering that the Commission recently stated in a filing in its case against Binance that it regrets the confusion it has caused in using the term ‘crypto asset securities.’ The US SEC had earlier classified several crypto assets as securities, including XRP, which led to the long-running legal battle against Ripple.

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2024-09-24 11:42