Crypto News: Bybit Islamic Account, Visa’s Crypto Push & FTX

5 min readOct 2, 2024

Stay updated with the latest from StealthEX and CryptoDaily! This week, we highlight the most important news in cryptocurrency. Want to know what’s trending? Our simple recap gives you clear insights and the latest happenings in the crypto world. Stay informed with our easy-to-read summary, so you never miss the newest crypto trends!

Visa Enters the Future of Digital Assets with New Platform for Banks

Visa, a leader in payment solutions, has launched a platform to help banks explore the world of tokenized assets and smart contracts. This new platform enables banks to issue fiat-backed tokens securely, paving the way for the integration of blockchain technology into capital markets.

Cuy Sheffield, Visa’s Head of Crypto, emphasized the opportunity for banks to issue regulated tokens on blockchains, allowing customers to engage in on-chain capital markets. Visa’s experience with asset tokenization, including its participation in Hong Kong’s Digital Dollar pilot, positions it as a key player in this space.

Visa’s platform is already attracting interest from banks. Spain’s BBVA has been an early adopter, using the platform to test tokenized assets. In Brazil, Visa has partnered with XP to explore tokenized assets for business-to-business payments, focusing on secure interbank transactions.

This platform is part of Visa’s broader push to integrate digital assets into traditional banking. By partnering with over 65 crypto wallet providers, Visa is enhancing the security and accessibility of its crypto solutions. As banks begin experimenting with their own tokenized products, Visa envisions a future of greater liquidity and new opportunities in digital finance.

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Caroline Ellison Sentenced to Two Years for Role in FTX Collapse

Caroline Ellison, the former CEO of Alameda Research, has been sentenced to two years in prison for her involvement in the financial fraud tied to FTX. Ellison, who played a key role in the collapse of the crypto exchange, admitted to multiple fraud charges. In addition to her prison term, she will serve three years of supervised release and forfeit $11 billion.

Ellison led Alameda Research, a hedge fund closely connected to FTX. After FTX’s collapse in 2022, she pled guilty to charges including wire fraud, securities fraud, and money laundering. FTX was once valued at $32 billion before its downfall revealed widespread misconduct involving customer funds.

Ellison’s cooperation with prosecutors was critical in convicting Sam Bankman-Fried, the founder of FTX. Her testimony provided key insights into FTX’s fraudulent activities. Although her lawyers sought leniency due to her cooperation, U.S. District Judge Lewis Kaplan emphasized her grave culpability, rejecting calls to avoid prison time.

During sentencing, Ellison expressed deep regret for her actions, acknowledging the immense harm caused by her involvement. Despite her cooperation, Judge Kaplan ruled that her role in the fraud warranted a prison sentence, ensuring accountability for her actions.

Bybit Launches Exclusive HAMSTER Virtual Card for Crypto Enthusiasts

Bybit has introduced a new, exciting option for crypto enthusiasts — the HAMSTER Virtual Card. Available from September 24 to October 21, this card adds a playful and vibrant design to daily crypto transactions. It’s launched alongside the highly anticipated release of $HMSTR on September 26, 2024, offering users a fun way to connect with the growing Hamstermania trend.

This unique virtual card combines both style and functionality. Whether you’re a seasoned trader or just starting out, the HAMSTER card allows you to express your passion for the HAMSTER token while using Bybit’s extensive range of crypto services. It’s designed for those who enjoy the convenience of crypto payments and want to stand out while doing so.

The HAMSTER Virtual Card offers not only a fun design but also the same trusted security features Bybit users expect. It provides an easy, secure way to manage crypto spending, all while adding a little flair to your transactions. Perfect for anyone looking to combine practicality with a love for crypto, the HAMSTER Virtual Card makes crypto payments stylish and enjoyable.

Bybit Launches First Shariah-Compliant Crypto Trading Account for Muslim Traders

Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched its Islamic Account, becoming the first global crypto platform to offer Shariah-compliant services. This new account provides Muslim traders with access to cryptocurrency trading that aligns with Islamic law.

The Islamic Account includes a variety of Shariah-compliant trading products, allowing Muslim traders to participate in the digital asset market while adhering to Islamic finance principles. Bybit developed this service in consultation with ZICO Shariah Advisory Services and CryptoHalal to ensure full compliance with religious guidelines.

With the Islamic finance sector valued at $2.3 trillion, Bybit’s move reflects its desire to tap into this growing market. The Islamic economy serves approximately 1.9 billion people, with regions like the Middle East, Africa, and South Asia contributing to the sector’s expansion. Bybit’s Shariah-compliant platform aims to provide a reliable and trusted solution for Muslim traders around the globe.

Kamala Harris Pledges Support for Crypto and AI in 2024 Presidential Campaign

Democratic Presidential candidate Kamala Harris has positioned herself as a crypto-friendly contender for the 2024 election, pledging to support the growth of digital assets and artificial intelligence (AI) while ensuring consumer protection. Speaking at a Wall Street fundraiser in New York, Harris highlighted her commitment to fostering innovation and boosting America’s competitiveness.

Harris emphasized the need to invest in emerging technologies like AI and digital assets while maintaining strong consumer protections. This marks her first public endorsement of the crypto sector, setting her apart from President Joe Biden’s administration, which has faced criticism for its stance on digital assets.

Although Harris has not yet released a detailed policy plan, reports suggest her campaign is engaging with crypto industry leaders to rebuild ties between the sector and the Democratic Party. Industry figures have welcomed her open stance, with Uniswap Labs CEO Hayden Adams and SkyBridge Capital’s Anthony Scaramucci expressing optimism about her approach.

Harris also outlined plans to create a stable business environment with clear regulations, focusing on reducing bureaucracy and supporting sectors like semiconductors, clean energy, and digital assets. Her crypto-friendly position aligns with Democrats working to keep digital innovation in the U.S. while protecting consumers.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.

This article is not supposed to provide financial advice. Digital assets are risky. Be sure to do your own research and consult your financial advisor before investing.