Bybit, a major global crypto exchange, has recently launched its Islamic crypto accounts, certified as Shariah-compliant. These Islamic accounts allow Muslim investors to trade and engage with the crypto market within their faith's financial principles.
Compliance with Islamic Laws
The development of these accounts was in collaboration with ZICO Shariah Advisory Services. They made sure that the operations are according to the Islamic laws, which does not allow earning interest. For a start, Bybit has added 18 digital assets in these accounts, including popular coins like USDT, BTC, ETH and more. This move places Bybit as the first major digital asset exchange to cater specifically to the Islamic market.
Features of the Shariah-Compliant Accounts
Users interested in this service will first need to create a standard main account with Bybit. They can then set up a Shariah-compliant sub-account under it. This subaccount allows trading activities such as spot trading and uses automated bots like DCA (Dollar Cost Averaging) Trading Bot and Spot Grid Bot. These bots are tailored to comply with Islamic principles.
Market Reaction
The launch of Islamic crypto accounts by Bybit has garnered significant interest and approval among Muslim investors. Ben Zhou, the CEO of Bybit, shared details about the operational aspects of these accounts. This move emphasizes the importance of providing financial instruments that cater to the religious and cultural needs of diverse investor groups.
With the launch of Shariah-compliant crypto accounts, Bybit has made a significant step towards addressing the needs of Muslim investors while respecting the freedom to adhere to religious laws in the world of cryptocurrencies. This move is expected to create new opportunities for the Muslim community in the global crypto market.
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