Lucía Peña
Bybit, a leading cryptocurrency exchange, has introduced Sharia-compliant crypto accounts to cater to Islamic investors, marking a significant step toward inclusivity in the crypto space. Alongside this, Kraken has expanded its presence in Europe through a key acquisition.
Bybit Introduces Sharia-Compliant Crypto Accounts
Bybit, ranked second in trading volume among crypto exchanges, has launched Sharia-compliant crypto accounts. Developed in collaboration with ZICO Shariah Advisory Services, these accounts adhere to Islamic principles, offering services without interest, ensuring that Muslim investors can use the platform in alignment with their beliefs.
Muslim traders from across the globe will have access to these specialized accounts. Bybit CEO Ben Zhou shared that the accounts will support Spot Trading, a DCA Trading Bot, and a Spot Grid Bot. Users must first create a primary account for deposits and withdrawals, from which they can then set up the Islamic subaccount.
Additionally, Bybit’s Sharia-compliant accounts will support 18 cryptocurrencies, including USDT, BTC, ETH, and XRP. This initiative positions Bybit as the first major crypto exchange to offer Islamic crypto accounts, potentially attracting more Muslim investors to the cryptocurrency market.
Related: Crypto Fraudsters Target OpenAI’s X Account
Kraken Expands European Presence With BCM Acquisition
Kraken, another prominent crypto exchange, has bolstered its European operations with the acquisition of Coin Meester B.V. (BCM), a Dutch cryptocurrency brokerage. This move aligns with Kraken’s European growth strategy, significantly increasing its presence in the Netherlands while also strengthening its Virtual Asset Service Provider (VASP) status in France and Poland.
With this acquisition, Kraken can now directly or through partnerships offer VASP services in eight European countries, including Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland. The acquisition is seen as a positive step for crypto adoption, reinforcing Kraken’s commitment to expanding its reach in the European market.
Coinbase Pushes for Regulatory Clarity in the U.S.
Meanwhile, Coinbase is continuing its fight for clearer crypto regulations in the U.S. The exchange is appealing the SEC’s decision to deny a rulemaking petition, pushing for a more transparent legal framework for digital assets.
This move comes at a crucial time, as the SEC has recently acknowledged confusion in its classification of “crypto asset securities,” which has been a significant point of contention, particularly in the ongoing legal battle with Ripple over XRP’s status as a security. Coinbase’s appeal aims to prompt the SEC to offer clearer guidance, which could have a lasting impact on the future of crypto regulation in the U.S.
These developments from Bybit, Kraken, and Coinbase underscore the rapid evolution of the crypto industry and its efforts to promote inclusivity, expansion, and regulatory clarity in different regions.
