Bybit has introduced the first Sharia-compliant crypto account for its Muslim customer base. These accounts comply with the Islamic laws and have launched 18 coins which the Islamic accounts will now support. On the other side, Kraken, the 2011-founded crypto exchange based in the United States, has spread its services to Europe and is currently in talks with Natasha Powell for UK Head of Compliance.
Sharia-compliant crypto accounts specifically are geared towards Muslim users, allowing them to trade in cryptocurrencies. Sharia law, a Muslim religious law, does not consider cryptocurrencies halal (permissible) as it is not issued by the state. The Sharia-compliant accounts are developed in consultation with ZICO Shariah Advisory Services, an advisory board that deals in Islamic finance. The crypto accounts are interest-free, allowing Muslim users to trade in cryptocurrency with ease and without violating their trade.
The initial offerings will include DCA Trading, Spot Trading, Trading Bot, and Spot Grid Bot. It will also support USDT, Bitcoin, Ethereum, and other currencies within its newly supported 18 coins. This news is in conjunction with ByBit’s bagging the VARA VASP provision license last week, which would help them widen their user base to Dubai.
In a similar vein, Kraken, the leading U.S. exchange, has also spread its wings to Europe after acquiring Coin Meester B.V, the Dutch crypto broker. This move is in line with the company’s direction to allow more investors to join and gain access to digital assets. The Head of Compliance in the United Kingdom is said to be headed by Natasha Powell, the Chief Compliance Officer of BCB where she has been working for the last two years. While Powell has not agreed to comment as of yet, a Kraken spokesperson commented, “We are always exploring new opportunities to enhance our offerings with talent from the industry”, nodding in agreement. Powell is supposed to start her new position as Head of Compliance in Kraken’s UK division in November.
As both crypto firms widen their geographical and inclusive reach, the crypto industry continues to exponentially grow as you read.