The Bybit accounts will exclude interest-based offerings to meet Islamic financial principles, and Muslim traders worldwide can access them.
The Bybit cryptocurrency exchange has announced the development of Sharia-compliant cryptocurrency accounts. These accounts will have access to offerings that align with Islamic law.
Furthermore, the exchange declared that it would support 18 different coins on the Islamic cryptocurrency accounts. With its most recent purchase, the cryptocurrency exchange Kraken, which is based in the United States, has expanded its presence in Europe.
Bybit Launches Sharia-Compliant Crypto Accounts
Bybit, the second-largest cryptocurrency exchange in terms of trading volume, has announced the creation of Sharia-compliant cryptocurrency accounts. ZICO Shariah Advisory Services collaborated with Bybit to establish these accounts, ensuring their adherence to Islamic principles.
In order to ensure that Muslim investors can use the platform’s cryptocurrency services without any discomfort, these Islamic accounts will not offer any interest. In the meantime, the cryptocurrency accounts will be accessible to traders who are Muslim all over the world.
Ben Zhou, Chief Executive Officer of Bybit, disclosed that the initial offers for the account will consist of Spot Trading, DCA Trading Bot, and Spot Grid Bot applications. Users will still be required to create a primary account before they can create an Islamic subaccount.
This is because the operation of these cryptocurrency accounts will be different. The primary account is the one that they will use to make deposits and withdrawals, so they can do it more easily.
In the meantime, the cryptocurrency exchange will be able to support a total of 18 different currencies, including USDT, USDC, BTC, ETH, SOL, XRP, ADA, POL, AVAX, LINK, LTC, BNB, ATOM, ETC, UNI, XLM, ALGO, and XTZ. With this step, Bybit becomes the first of the leading cryptocurrency exchanges to provide an Islamic cryptocurrency account, which is a significant development.
This action will help to increase the number of Muslim investors who participate in the cryptocurrency field and will encourage diversity inside the cryptocurrency ecosystem.
Kraken Widens European Reach With BCM Acquisition
Kraken announced the acquisition of Coin Meester B.V. (BCM), a cryptocurrency broker located in the Netherlands. According to the cryptocurrency exchange, this constitutes a “key element” in their strategy for expanding their presence in Europe.
As a result of this transaction, the exchange has significantly expanded its footprint in the Netherlands and improved its business by acquiring a Virtual Asset Service Provider (VASP), registered in both France and Poland.
As a result of this new development, Kraken is now able to provide VASP services in eight European countries, either directly or through a partnership configuration. Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland are the countries that fall within this category.
Coinbase Looking To Secure A Win For Crypto
In line with Bybit’s news, the continued expansion of Kraken’s presence in the European market bodes well for the adoption of cryptocurrencies. As a result of the exchange’s appeal of the SEC’s decision to reject the rulemaking petition, Coinbase is working toward achieving a victory for the cryptocurrency industry.
Regulatory ambiguity in the United States continues to be a barrier to the widespread use of cryptocurrencies. The cryptocurrency exchange, on the other hand, is taking steps to rectify this situation by arguing in court that the Commission should establish a transparent legal framework for digital assets.
Considering that the Commission recently stated in a filing in its action against Binance that it regrets the uncertainty caused by using the term “crypto asset securities,” this appeal is without a doubt extremely timely.
Ripple has been involved in a protracted legal struggle since the United States Securities and Exchange Commission (SEC) previously designated a number of cryptocurrency assets, including XRP, as securities.
