Bybit Launches Islamic Crypto Account for Muslim Traders
In a significant development for the cryptocurrency market, Bybit has officially launched an Islamic crypto account aimed specifically at Muslim traders. This announcement was made on September 24, showcasing Bybit’s dedication to inclusivity within the digital trading space.
CEO Announcement and Features
According to Bybit’s CEO, Ben Zhou, the exchange’s Islamic account is “world’s first” and is now live. In his post on social media platform X, he outlined:
“[The] World first Crypto Islamic account is now fully live on Bybit. Shariah-Compliant and Initial offerings include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.”
Understanding Shariah Compliance
The innovative Shariah ruling asserts that digital assets are considered “mal” (valuable assets) in Islamic law. Unlike traditional currencies, the digital assets offered by Bybit do not have a physical counterpart, thus classifying them as goods (‘urudh) rather than currency. Consequently, these tokens are not deemed ribawi (interest-bearing), allowing for a different interpretation of currency exchange (bay’ al-sarf) regulations.
Compliant Trading Options
With the introduction of this Islamic account, Bybit is making strides in promoting Shariah-compliant trading. The platform offers a variety of compliant products, enabling Muslim traders to participate in the digital market while adhering to Islamic principles. Collaborations with ZICO Shariah Advisory Services and CryptoHalal were instrumental in ensuring the account’s Shariah compliance.
Supported Tokens
Among the tokens available for trading on this new account are:
- Tether (USDT)
- Avalanche
- Litecoin
- Uniswap
Bybit Türkiye and Regulatory Compliance
This launch comes shortly after Bybit Türkiye was recognized as an official crypto asset service provider by Turkey’s Capital Markets Board (CMB). On September 23, the firm announced its strategic focus on regulatory adherence following its rebranding in June 2024.
Strengthening Market Presence
Bybit aims to solidify its foothold in Turkey by integrating cutting-edge technologies and offering trading pairs with the Turkish lira. In collaboration with local banking institutions such as Ziraat Bank and Vakıfbank, Bybit is providing seamless banking options for users.
User-Friendly Features
The exchange has also added features like one-click purchasing to enhance the trading experience for both novice and seasoned traders. This initiative reflects Bybit’s commitment to accessibility and user satisfaction in the evolving cryptocurrency landscape.