In a significant stride towards inclusivity in the cryptocurrency trading landscape, Bybit, a prominent crypto exchange, has announced the launch of its Islamic crypto account. As of September 24, this account is specifically designed to meet the needs of Muslim traders who wish to engage in digital asset trading while adhering to Islamic principles. The company’s CEO, Ben Zhou, took to social media platform X to celebrate this milestone, highlighting that the account is the first of its kind in the world.
With this innovative offering, Bybit aims to provide a dedicated space for Muslim users to participate in trading activities without conflicting with their religious beliefs. In essence, these Islamic accounts align with Shariah-compliant principles, which dictate that financial activities in Islam must eschew prohibited practices such as usury (riba) and gambling (maysir). Bybit ensures this compliance through a carefully curated list of 75 digital tokens that qualify as halal, allowing users the peace of mind that their investments are ethically aligned.
At the heart of Bybit’s initiative lies a nuanced understanding of Islamic finance. Under Shariah law, digital assets can be classified as “mal,” or valuable assets, as they carry intrinsic value even without a physical form. Bybit emphasizes that its traded tokens are viewed as goods rather than traditional currencies, thereby bypassing the conventional currency exchange rules that usually tether fiat currencies. This platform allows Muslim traders to explore the world of crypto without fear of violating religious tenets.
To ensure the platform’s adherence to Islamic guidelines, Bybit collaborated closely with ZICO Shariah Advisory Services and CryptoHalal, consulting leading experts to validate the compliance of their offerings. Among the supported tokens are notable names like Tether’s USDT, Avalanche, Litecoin, and Uniswap, further expanding the options available to users within the Islamic framework.
The launch of the Islamic account corresponds with Bybit’s recent achievements in regulatory compliance, particularly its recognition in Turkey. Bybit Türkiye has been officially designated as a crypto asset service provider by the Turkish Capital Markets Board (CMB). This launch, which maintains a focus on regulatory alignment since its rebranding in June 2024, positions Bybit for success in a rapidly evolving market.
Bybit is not merely expanding its offerings; it is also enhancing its operational capabilities. With partnerships established with local banks like Ziraat Bank and Vakıfbank, the exchange is poised to streamline banking functions and enable efficient fiat-to-crypto transactions, including trading pairs with the Turkish lira. New features like one-click purchasing cater to both novice and experienced traders, further positioning Bybit as a user-friendly platform within the competitive crypto exchange landscape.
Bybit’s introduction of Islamic crypto accounts represents a pioneering move to blend technology with traditional banking ethics, inviting Muslim users to engage with cryptocurrency in a way that respects their beliefs. As this sector continues to grow, platforms that prioritize regulatory compliance and ethical considerations will likely thrive in an increasingly crowded marketplace. This innovative initiative serves as a critical step towards complete financial inclusivity in the digital realm, creating opportunities for diverse populations worldwide.
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