Bybit crypto exchange offers shariah compliant trading products

Bybit crypto exchange offers shariah compliant trading products

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has announced the launch of its Islamic Account, offering Muslim traders a suite of shariah compliant trading products. As per Bybit it is the first global cryptocurrency exchange to offer such a service to Muslim traders worldwide providing them with an inclusive platform to engage in the digital asset market.

Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, the account ensures that all products strictly adhere to Islamic finance principles.

Some of the key features is that it is accessible globally, and includes in its initial offering of 74 Shariah compliant tokens, DCA trading bot, and Spot Grid Bot.

It also offers double Shariah Certification, crypto Halal Certification, along with official Shariah certification from ZICO Holdings, guarantees that all products meet the highest standards of Islamic law.


The Islamic economy, serving nearly 1.9 billion people worldwide, is experiencing rapid growth. The Islamic finance sector is currently estimated to be worth a staggering $2.3 trillion, and the Middle East, Africa, and South Asia (MEASA) region is poised to drive its continued expansion. By offering a Shariah-compliant trading platform, Bybit is tapping into a vast and growing market, providing Muslim traders with a trusted and reliable solution.

“We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions,” said Joan Han, Sales & Marketing Director at Bybit. “By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market.”

Bybit recently received its full VASP license in the UAE from Dubai’s Virtual Asset Regulatory Authority.

Rain and Bahrain launched pad backed by Sovereign Wealth fund to support MENA startups

Rain and Bahrain launched pad backed by Sovereign Wealth fund to support MENA startups

Bahrain and UAE based Rain crypto trading platform has partnered with Spring Studio’s launchpad, backed by the Sovereign wealth fund of Bahrain, Al Waha Fund of Funds, ad global venture capital firm Salica investments.

As per Rain LinkedIn post, ” We are happy to announce Rain’s partnership with Spring Studios’ Launchpad. As the first licensed crypto provider in the Middle East, Rain is committed to supporting innovative founders across the region. Founders will have direct access to our internal teams, unlocking unique opportunities in one of the fastest-growing fintech ecosystems in MENA.”

Spring Studios which caters to MENA founders, is helping to create the next wave of exceptional startups.

Spring Studios equips founders with capital, expert in-house capability, and verification from MENA’s leading investors to build startups with a greater probability of success.

This comes as Bahrain grants its fourth crypto license in the country with Crypto.com now able to offer crypto payments through its license from the Central Bank of Bahrain.

Rain was the first crypto broker to be licensed in Bahrain. It then was granted a license in the UAE from Abu Dhabi.

ByBit crypto exchange receives VASP license in UAE

ByBit crypto exchange receives VASP license in UAE

The UAE Virtual Regulatory Authority website has just listed ByBit crypto exchange, the second largest crypto exchange globally, as a licensed VASP ( Virtual Asset Service Provider), pending final authorizations and requirements. Once the license is fully received Bybit will offer crypto exchange services institutional Investors, Qualified Investors and Retail Investors.

“Dubai’s strategic location, progressive policies, and innovation-driven environment offer unparalleled opportunities for businesses and investors in the cryptocurrency sector,” said Helen Liu, Chief Operating Officer of Bybit. “With its robust regulatory framework and commitment to becoming a blockchain capital, Dubai is the ideal place to advance digital currencies and foster growth in this exciting industry.”

In June 2023, Bybit received its minimum viable product license from VARA.

During this time, the crypto exchange partnered with UAE’s DMCC freezone to offer financial support totaling $136,000 for new crypto businesses looking to set up in the DMCC crypto center. Bybit’s pledge of financial support in the amount of $136,000 will be used to kickstart the growth journeys of 15 new Web3 companies at the DMCC Crypto Centre. It also held its Hackathon at DMCC.

Bybit also supported crypto and blockchain ecosystem in the UAE with the University of Sharjah. Bybit contributed $272.000 equivalent to 1 million AED to establish a scholarship fund to support 20 students to accelerate their academic and research career into fintech and blockchain at the American University of Sharjah.

In March 2023 Bybit was one of the global crypto exchanges to have received preliminary approval from VARA.

So far Dubai’s VARA has licensed Binance and Deribit as crypto exchanges with derivative services, while offering crypto exchange service licenses to OKx, Crypto.com, BackPack and Toko.

Updated September 16th with quote from ByBit.

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain to provide South Africans with derivative products

Binance Bahrain has announced that it will become South African provider for derivatives products as a Juristic Representatives of FiveWest OTC Desk (Pty). As per the announcement, Binance ensures that it continues to comply with its regulatory obligations and can continue to provide services for derivatives products to South African users.

South African derivatives users will need to register a new account with Binance Bahrain and accept the applicable Terms of Use. Users will need to resubmit all required Know-your-Customer (KYC) documentation in order to comply with Bahrain regulatory requirements.

Binance will be able to continue serving South African users in compliance with local regulatory requirements. Binance Bahrain is able to provide crypto exchange and custodian services in line with its License by the Central Bank of Bahrain as a Category 4 Crypto-Asset Service Provider to operate a crypto-asset exchange.

In April 2024, after two years of foundational efforts, the financial sector conduct authority in South Africa approved 75 crypto asset service providers (CASPs) from a pool of 374 applicants. The list included prominent global exchanges such as Luno VALR but Binance and Yellow Card were missing. The FSCA noted that these applications are still under review and has committed to providing ongoing updates as the evaluation and approval process continues.

Soon afterwards in May 2024, Binance Holding became enthralled in a court battle with Dimplex, a minority shareholder of Binance Digital, a subsidiary of Binance international which does business mainly in UK and South Africa. Dimplex alleged that the holding company had misled authorities and customers about its operations.

Credibility of UAE crypto exchanges enhanced with new stablecoin regulation

Credibility of UAE crypto exchanges enhanced with new stablecoin regulation

In the past year the UAE has attracted not only international crypto exchanges but it has also attracted home grown GCC crypto players. One of these international crypto exchanges, which sits as the world’s 12th biggest exchange has also set its eyes on MENA and the UAE viewing UAE as a unique jurisdiction.

BITGET Aka Leung, country manager asserts that UAE’s approach to crypto regulation differs from other jurisdictions, emphasizing the uniqueness of each.

Crypto regulations UAE, Hong Kong, Singapore

Speaking to Lara on the Block, Leung explains that UAE has progressively been embracing cryptocurrencies and blockchain technology positioning itself as a hub because of its favourable regulatory environment which allows citizens and residents to own, trade and invest in cryptocurrencies.

Leung affirms that Hong Kong and Singapore have taken a different approach than that of UAE. He states, “Hong Kong has been developing guidelines for cryptocurrency exchanges under its Securities and Futures Commission, striving to balance innovation and investor safeguarding. Meanwhile, Singapore has established a clear regulatory framework through the Payment Services Act, promoting a conducive environment for fintech and blockchain companies.”

He believes that each region has its unique regulatory approach that balances innovation and investor protection and market stability. He adds, “It is essential for industry stakeholders to navigate these diverse regulatory environments to ensure compliance, foster innovation, and build trust within the global crypto community.”

Crypto Growth in GCC

When it comes to the growth of crypto in the GCC (Gulf Cooperation Council) region Leung has seen an increasing interest in not only cryptocurrencies but blockchain technology as governments and businesses explore these applications and their benefits.

Yet he explains that governments in the GCC market should provide clear and comprehensive regulatory frameworks. He explains, “To further stimulate the growth of crypto in the GCC market, regulatory frameworks need to tailor to the unique characteristics of cryptocurrencies that can enhance investor confidence and industry development.”

This should be coupled with “Education and Awareness” about cryptocurrencies and blockchain technology among the general public, businesses, and policymakers.

UAE Stablecoin regulation for crypto exchanges

UAE Stablecoin Payment Token Services Regulation came out laying down the rules and conditions by the Central Bank of UAE for licenses pertaining to payment tokens, not allowing algorithmic tokens to be included and only allowing foreign stablecoins to be used to purchase virtual assets, while the AED dirham stablecoin became the only stablecoin to be allowed for payments in the country.

While this is an advancement when it comes to utilizing the AED stablecoin as a legal tender, the question remains how can centralized crypto exchanges do with this new regulation?

Leung believes that centralized crypto exchanges can enhance the credibility of cryptocurrencies and the crypto exchanges themselves by adhering to the UAE Central Bank stablecoin regulations.

He notes, “Operating with regulated stablecoins demonstrates a commitment to compliance and regulatory standards, fostering trust among users and regulatory authorities. It will Increase the “Market Access” The acceptance of stablecoins as legal tender for payments within the UAE expands market access for crypto exchanges.”

According to Leung the UAE stablecoin regulation opens up new avenues for users to engage with cryptocurrencies, promoting adoption and usage across various sectors. He says, “This is a bridge from traditional finance to digital finance.”

Bitget expansion in MENA

Bitget crypto exchange has embraced the MENA region not only by supporting the Arabic language on its website and mobile application in 2023, but also by partnering with crypto payment solution provider allowing users to buy and sell crypto using various local currencies including, AED, EGP, SAR and others.

Currently Bitget is engaged in establishing trust with users and regulatory bodies as it paves the way for the long-term sustainability and growth.

He adds,” We are still exploring license applications to operate in the MENA markets.”

Crypto Exchanges and UAE’s digital economy

During a recent meeting of the G20 Labour and Employment Ministers’ meeting in Brazil, Shayma Al Awadhi, assistant undersecretary for Communication and International Relations at the UAE Ministry of Human Resources and Emiratization (MoHRE), said the UAE is expected to invest $20 billion in digital technologies such as information technology (IT), telecommunications, artificial intelligence (AI), the Internet of Things (IoT), blockchain, and robotics over the next three years.

The UAE also noted during the G20 meeting that it aims to double the digital economy’s contribution to its GDP from the current level of 9.7 percent to 19.4 percent over the next 10 years.

The acceleration of digital economy’s contribution to UAE’s GDP is intertwined with the growth of digital assets, tokenization, crypto, and stablecoins. 

The role of regulated crypto exchanges will be strong.

Binance announces to UAE users update your KYC

Binance announces to UAE users update your KYC

Binance crypto exchange announced to its UAE users, that after receiving its VASP license from Dubai’s virtual asset regulatory authority for their local crypto exchange in Dubai, users in UAE need to transition their accounts to Binance FZE in UAE.

Part of the onboarding requirements is that all UAE resident users will need to update their KYC information by 15th December 2024.  

As per the blog post affected users will receive continuous updates and communications regarding the process at different stages from now until all UAE resident accounts have been successfully transitioned. The transition process will not affect users’ current account access and they can continue to use products and services already available on Binance’s Global Exchange until 2024-12-15. After this date, the user’s account will transition to Binance FZE, but the login credentials (email & password) and UID number will remain the same. Users are reminded to update their KYC information at the earliest to avoid the restriction of their account to withdrawal only. 

All UAE resident users who update their KYC information before 2024-10-30 will be automatically entered into a Prize Draw to share $500,000 in BTC rewards, with the ultimate prize being 1 BTC! Winners will be selected through the BNB Smart Chain hash value on 2025-01-01 23:59 (UTC) and announced via email. 

Binance UAE users will be able to access t bank deposits and withdrawals in local fiat currency (AED) and more than 300+ virtual assets, UAE resident users can rest assured knowing that all products already available on the Binance Global Exchange will also be available on Binance FZE.

Institutional exposure to ETH triples on Bybit exchange

Institutional exposure to ETH triples on Bybit exchange

Bybit, A global cryptocurrency exchange, which has applied for a license within the UAE through Dubai’s VARA, has released a new study showing institutional investors have increased their ETH holdings ahead of the launch of the spot ETH ETF in the US. Bybit’s institutional exposure to ETH tripled since ETF announcement, from 6.54% to 14.29%.

According to analysts they predict this ETF will capture between $8 and $12 billion from US and global markets, driving Ethereum to new all-time highs by year-end.

According to recent data, Bybit’s institutional investors’ exposure to ETH has almost tripled since the ETF announcement on May 24, 2024—moving from 6.54% to a current weighting of 14.29%. This surge underscores the growing confidence in Ethereum’s future performance and the expected positive impact of the ETF launch.

Retail investors on Bybit have also increased their ETH allocations, although not as dramatically as institutional investors. The allocation to ETH has risen from 7.40% to 9.52%, reflecting a cautious but positive response to the ETF announcement.

“Ethereum is the crypto product favored by traditional capital such as BlackRock and Franklin Templeton, both of whom have tokenized funds on the platform,” said Hao Yang, head of financial products at Bybit. “Given this, the chain seems poised to become the institutional pick. With its native yield, the ETH token allows for composability, and we are seeing protocols building interesting derivatives based on ETH’s stable yield, leveraging this to create crypto primitives that mimic those built on top of the US Treasury market. Finally, because a portion of ETH is burned (sent to a wallet from which no withdrawals are possible), the asset can become deflationary, which means the more network effects kick in, the scarcer the asset becomes.”

Interestingly Institutional investors seem to have pulled out some investments into stablecoins and other crypto assets and moved to Eth. Before ETH ETF announcement, 33% of institutional investors held stablecoins, while after this went down to 25.16%. This is also seen in other crypto assets that were held by investors, where it went down as well from 33.05% to 30.3%.

As for BTC ( Bitcoin) holdings it also went up on Bybit by 4% to 30.26% after ETH ETF announcement.

Bybit and Blockchain for Good Alliance launch socialPlus Hackathon

Bybit and Blockchain for Good Alliance launch socialPlus Hackathon

Blockchain for Good Alliance and Bybit Web3 affiliated to Bybit crypto exchange  have partnered to launch the SocialPlus Hackathon. This collaboration aims to foster innovation, knowledge sharing, and collaboration within the DeBox and Web3 ecosystem, leveraging the power of Blockchain and AI technology.

Bybit Web3 provides a suite of Web3 products designed to make accessing, swapping, collecting and growing Web3 assets as open and simple as possible. Its wallets, marketplaces and platforms are all backed by the security and expertise of Bybit a top three global crypto exchange,with 30 million users globally.

The SocialPlus Hackathon, a virtual event running from now until September, will provide a platform for participants to showcase their talent and actively contribute to the development of the Web3 ecosystem.

Participants can work on three tracks, including the DeBox Open Platform — Bot Market Track, DeBox Open Platform — DAPP Market Track, and the Blockchain for Good Track (BGA), and will have the chance to compete for a prize pool of up to $30,000. In addition, all finalists will receive an exclusive NFT and points rewards provided by BGA.

“As an industry leader, Bybit is committed to empowering the next generation of projects through the Blockchain for Good Alliance. Our collaboration with the SocialPlus Hackathon exemplifies our dedication to pushing boundaries and driving innovation in the Web3 ecosystem. Together with the SocialPlus Hackathon, we anticipate witnessing the creative and transformative projects that will shape the future of Web3 and contribute to a decentralized and inclusive world.” said Emily Bao, Bybit Web3 Evangelist.

For more information about the SocialPlus Hackathon and to register, visit this page.

Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Wallet in MENA region witnesses a 23% increase in daily active users after token launch

Bitget Crypto Exchange a global cryptocurrency exchange and Web3 company and Bitget MENA, crypto exchange, successfully launched the Bitget Wallet Token (BWB) on its Launchpad with the MENA region witnessing a 23% increase in BWB daily active users after the launch. Bitget Wallet is a Web3 multi-chain wallets that includes wallet, Swap, NFT Market, DApp Browser, and Launchpad features.

The sale of the BWB token took place between June 1st and June 6th and was listed on Bitget spot market on the 6th as well. Offered was a total supply of 1 billion BWB tokens and a launchpad pool specifically set aside for BGB and USDT holders.

The BWB launchpad achieved remarkable success, with the token price surging from $0.15 to $0.6. (Source https://coinmarketcap.com/currencies/bitget-wallet-token/)

As a leading token launch platform, Bitget Launchpad enables users to participate in fundraising for promising and emerging projects, offering tokens in return.

Bitget wallet launched the Bitget Onchain layer, a blueprint for its future endeavors into Web3 positioning itself as both the on-chain extension and decentralized future of the Bitget ecosystem.

Bitget Wallet token BWB not only serves as the official native token of the Bitget Wallet, but it also plays a role in Bitget Onchain Layer. Powering the Bitget Onchain Layer is a $10 million BWB Ecosystem Fund that seeks to incubate and grow partnered projects building on the Bitget Onchain Layer.

The BWB token also empowers users allowing token holders to participate in decision-making processes. Users can also stake BWB tokens to earn rewards, further enhancing their overall yield.

In the future the token will be used for paying gas fees across multiple chains with the release of the Account Abstraction (AA) wallet.

Holders of BWB token will also gain access to Bitget Wallet’s Launchpad, Launchpool and Airdrop events. In addition, holding BWB will also qualify users for airdrops from projects building on the Bitget Onchain Layer, providing continuous value and benefits for holders of the token.

In early May 2024, Bitget Wallet reported on its 30-day growth which witnessed a 300 % growth in the MENA region. Countries in the MENA region such as Egypt and Saudi Arabia are among the top 15 countries for Bitget wallet downloads globally.

Sam Spiers, Regional Director Bitget MENA, “We are pleased with the success of the launch of BWB token on the Bitget exchange launchpad. The enthusiasm for the token is not surprising. Bitget crypto exchange token BGB is one of the top 5 CEX tokens in terms of market capitalization. The scope of BWB is vast as it will run the Bitget Wallet ecosystem which encompasses 25M users and counting.”

Alvin Kan, CCO of Bitget Wallet adds, “As our ecosystem continues to develop, the BWB token will play increasingly significant roles in empowerment and application within the Budget On Chain Layer, thus broadening its value discovery and recognition as ecosystem construction progresses.”

In March 2023, Bitget invested an additional $30 million into Bitget Wallet (previously known as BitKeep), thereby securing a controlling stake and catalyzing a comprehensive brand upgrade.

Bitget, has adopted a dual token system consisting of CEX token (BGB) and its Bitget Wallet token (BWB) allowing Bitget to extend its foundational ecosystem on-chain and off-chain to develop a solid Web3 future whose complementary roles within the Bitget ecosystem offer unique advantages for all stakeholders.

This improved dual token system also diversifies risk and offers flexibility. Each token can address risks specific to its platform. For instance, BGB can manage exchange-related risks, while BWB can focus on wallet-specific security and functionality. This creates a resilient system where any of the two platforms can always support the ecosystem by acting as a buffer against systemic risks.

As the next bull run approaches, Bitget Wallet (BWB) is being eyed as a potential 100X gem, with market analysts predicting the listing price could range between $0.50 and $1.00.