Bybit Launches Shariah-Compliant Crypto Account for Muslim Traders

Author

Hongji Feng

Author

Hongji Feng

About Author

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),...

Author Profile

Share

Copied

Last updated:

September 24, 2024 11:47 EDT

Why Trust Cryptonews

Cryptonews has covered the cryptocurrency industry topics since 2017, aiming to provide informative insights to our readers. Our journalists and analysts have extensive experience in market analysis and blockchain technologies. We strive to maintain high editorial standards, focusing on factual accuracy and balanced reporting across all areas - from cryptocurrencies and blockchain projects to industry events, products, and technological developments. Our ongoing presence in the industry reflects our commitment to delivering relevant information in the evolving world of digital assets. Read more about Cryptonews

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.

New Crypto Account Targeting Muslim Community

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.