Bybit Launches Sharia-Compliant Crypto Accounts, Enables Trading For Bitcoin And Ethereum

Bybit crypto exchange has announced the launch of Sharia-compliant crypto accounts. These accounts will enjoy offerings that align with Islamic laws. The exchange also announced trading support for Bitcoin, Ethereum, and sixteen other coins on the Islamic crypto accounts. Meanwhile, the US crypto exchange Kraken has widened its reach in Europe with its latest acquisition.

Bybit Launches Sharia-Compliant Crypto Accounts

Bybit. the second-largest crypto exchange by trading volume, announced the launch of Sharia-compliant crypto accounts developed in consultation with ZICO Shariah Advisory Services to ensure compliance with Islamic principles. These Islamic accounts will offer no interest, ensuring Muslim investors can comfortably use the platform’s crypto services.

Meanwhile, the crypto accounts will be available to Muslim traders worldwide. Ben Zhou, Bybit’s CEO, revealed that the initial offerings for the account will include Spot Trading, DCA Trading Bot, and Spot Grid Bot.

As to how these crypto accounts will operate, users will still need to create a main account before making the Islamic subaccount. The main account is the one which they will use to facilitate deposits and withdrawals.

Meanwhile, the crypto exchange will enable support for 18 coins, namely, USDT, USDC, BTC, ETH, SOL, XRP, ADA, POL, AVAX, LINK, LTC, BNB, ATOM, ETC, UNI, XLM, ALGO, and XTZ. This move is significant as Bybit becomes the first among the top crypto exchanges to offer an Islamic crypto account.

This move will promote inclusivity in the crypto space and could help onboard more Muslim investors into the crypto space.

Kraken Widens European Reach With BCM Acquisition

Kraken announced the acquisition of the Dutch crypto broker Coin Meester B.V. (BCM). The crypto exchange noted that this marks a “key element” in their European growth strategy. With this acquisition, the exchange said it has “significantly expanded” its Dutch footprint and enhanced its business with a registered Virtual Asset Service Provider (VASP) in France and Poland.

Following this development, Kraken can now offer VASP services directly or through a partnership in eight European countries. These countries are Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland. Like Bybit’s announcement, this is also bullish for crypto adoption, especially as Kraken continues to expand its reach in the European market.

Coinbase Looking To Secure A Win For Crypto

Coinbase is looking to secure a win for the crypto industry as the exchange appealed the SEC’s denial of rulemaking petition. Lack of regulatory clarity in the US remains a stumbling block to crypto adoption. However, the crypto exchange is looking to correct that, arguing before the court that the Commission should provide a clear legal framework for digital assets.

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.

Therefore, the SEC must provide a regulatory framework that clearly states that crypto assets aren’t securities. This will help to boost crypto adoption further as more users get onboarded into the space. Binance CEO Richard Teng recently mentioned that institutional investors would allocate more to crypto after they do their due diligence. Clear regulations provide investors with the confidence to invest in these digital assets.