Bybit unveils first Shariah-compliant Islamic crypto account Bybit unveils first Shariah-compliant Islamic crypto account
The move comes as the exchange expanded its operations in Turkey.
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Updated: Sep. 24, 2024 at 12:53 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Crypto exchange Bybit has introduced an Islamic crypto account tailored to its Muslim users, according to a Sept. 24 statement.
Bybit CEO Ben Zhou shared the update in a social media post on X, stating:
“[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.”
According to the Shariah ruling, digital assets can be considered “mal” (assets of value) under Islamic law. The assets traded on Bybit are based on technology without any physical counterpart, categorizing them as goods (‘urudh) rather than currency. Since they are not considered ribawi (interest-bearing), the usual rulings on currency exchange (bay’ al-sarf) do not apply.
This initiative marks a significant step in offering Shariah-compliant crypto trading, providing Muslim users an accessible platform.
Bybit’s Islamic Account includes a range of compliant products, ensuring Muslim traders can engage in the digital market within Islamic guidelines. The platform was developed in collaboration with ZICO Shariah Advisory Services and CryptoHalal to guarantee adherence to Shariah principles.
Some supported tokens on the platform include Tether’s USDT, Avalanche, Litecoin, and Uniswap.
Turkey licensing
This launch closely follows Bybit Türkiye’s listing as an official crypto asset service provider by Turkey’s Capital Markets Board (CMB).
According to a Sept. 23 statement, Bybit Türkiye, operating through the local entity Narkasa Yazılım Ticaret Anonim Şirketihas, prioritized regulatory compliance since rebranding in June 2024.
The exchange hopes this move will further strengthen its presence in Turkey. The platform stated that it has integrated advanced technologies and offers trading pairs with the Turkish lira.
It also partners with local banks like Ziraat Bank and Vakıfbank to enable seamless banking options. Additionally, Bybit has introduced features like one-click purchasing, catering to novice and experienced traders.
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Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
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Launched in 2014, Tether is a blockchain-enabled platform designed to facilitate the use of fiat currencies in a digital manner.
Uniswap
$16.2167
Since its inception, the Uniswap Protocol (“Uniswap”) has served as a trustless and highly decentralized financial infrastructure.
Avalanche
$50.6831
Avalanche is an umbrella platform for launching decentralized finance (DeFi) applications, financial assets, trading and other services.
Litecoin
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Litecoin is a peer-to-peer Internet currency that enables instant, near-zero cost payments to anyone in the world.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
Ben Zhou is the co-founder and CEO of Bybit, a cryptocurrency derivatives exchange headquartered in Singapore.
