Bybit Launches Shariah-Compliant Crypto Account for Muslim Traders

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Hongji Feng

Author

Hongji Feng

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Hongji is a crypto and tech reporter. He graduated from Northwestern University’s Medill School of Journalism with a Bachelor’s and a Master’s. He has previously interned at HTX (Huobi Global),…

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Last updated:

September 24, 2024 11:47 EDT

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In response to the rising demand for Islamic finance solutions, Bybit launched its Islamic Account on September 24, 2024, offering Shariah-compliant crypto trading for Muslim traders across the world.

This new offering from Bybit includes spot trading for 75 selected cryptocurrencies, along with trading bots such as DCA and Spot Grid Bot.

Bybit’s Islamic Account is certified by ZICO Shariah and CryptoHalal, which confirms that all trading products comply with Islamic finance standards and Shariah law.

Muslim traders can now access a crypto account that fully aligns with their religious beliefs, globally except for regions with legal restrictions.

The release stated that Bybit’s introduction of the Islamic Account would address a growing demand in the $2.3 trillion Islamic finance sector, offering Shariah-compliant crypto trading options that cater specifically to the financial needs of Muslim traders worldwide.

“We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions,” said Bybit Sales & Marketing Director Joan Han.

“By partnering with Crypto Halal and ZICO Holdings, we have ensured that our offerings align with the principles of Islamic finance, empowering Muslim traders to participate in the growing cryptocurrency market,” said Han.

Bybit Receives Provisional Approval from VARA

Bybit recently received provisional approval from Dubai’s Virtual Assets Regulatory Authority (VARA), moving closer to a full Virtual Asset Service Provider (VASP) license.

This development will enable the exchange to offer its services to more investors in the region once fully operational.

Bybit established its global headquarters in Dubai in 2022 and has been working to expand its presence in the city’s growing crypto sector.