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. Ben Zhou, the CEO of Bybit, was the first one to share the details about the operational aspects of the Islamic accounts.
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.
— Ben Zhou (@benbybit) September 24, 2024
Create your Islamic Sub-account now: https://t.co/BxLk8GR2N8 pic.twitter.com/ztz2RLDweJ
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.
Strategic Market Expansion
This launch is strategically significant as it opens up access to cryptocurrency for a large segment of the global population. Recent data from Chainalysis shows that countries with substantial Muslim populations, such as India, Nigeria, Indonesia, Pakistan and Turkey are among the top 20 in its 2024 Global Crypto Adoption Index.
Targeting these demographics, Bybit can tap into a market of approximately 1.9 billion Muslims worldwide. which represents about 24% of the global population. This move by Bybit could set an example in the financial industry making other platforms explore similar offerings.
The introduction of services that respect religious doctrines broadens the market reach for Bybit. It also promotes financial inclusion by allowing more individuals to participate in the burgeoning crypto economy without compromising their religious beliefs.
Bybit Exits French Market Amid New Crypto RegulationsBybit has constantly been expanding on an international level. With Turkey as the next crypto destination, the exchange is yet to fill out their application forms. Bybit recently moved past Coinbase to become the world’s second-largest cryptocurrency exchange. Such strategic moves have created a positive competitive environment for crypto exchanges and gives users a wider variety of options.
