On September 24, 2023, Bybit, a prominent cryptocurrency exchange, announced the launch of an Islamic crypto account specifically designed to meet the needs of its Muslim clientele. This groundbreaking initiative is the first of its kind, allowing Muslims to engage in cryptocurrency trading while adhering to Shariah law. Bybit’s CEO, Ben Zhou, highlighted this pivotal moment in a post on social media platform X, emphasizing that the Islamic account is fully operational and set to offer a variety of compliant services.
Cryptocurrency and its compliance with Islamic finance principles have been topics of considerable debate. In Islamic jurisprudence, the acceptance of digital assets hinges on their classification as “mal” or valuable assets. Bybit’s approach categorizes these digital assets as goods rather than traditional currencies, which helps in addressing the concerns related to ribawi, or interest-based transactions. This unique viewpoint reinforces the notion that Shariah-compliant trading is not only feasible but also positioned to thrive in the digital landscape, enabling Muslim investors to explore new financial opportunities without compromising their religious beliefs.
Bybit’s Islamic account offers an array of features designed for the Muslim trading community. With access to 75 Shariah-compliant tokens, users can safely engage in spot trading, employing tools such as a dollar-cost averaging (DCA) trading bot and a spot grid bot tailored to their financial strategies. These services not only enhance trading experiences but also provide confidence that their trading activities are compliant with Islamic guidelines. The partnership with ZICO Shariah Advisory Services and CryptoHalal ensures that the offerings remain fully aligned with Shariah principles, thus fostering trust within the community.
This innovative step from Bybit comes on the heels of its official recognition as a crypto asset service provider in Turkey by the Capital Markets Board (CMB). The exchange, operating through its local entity, Narkasa Yazılım Ticaret Anonim Şirketi, has prioritized regulatory compliance since its rebranding in June 2024. Bybit’s commitment to adhering to local regulations not only solidifies its presence in Turkey but also reflects a broader strategy to enhance its operations in regions with specific regulatory requirements.
The integration of advanced trading technologies and the provision of trading pairs with the Turkish lira further solidify Bybit’s position in this burgeoning market. Collaborations with local banking institutions like Ziraat Bank and Vakıfbank have streamlined banking processes for users, making the trading experience more accessible.
Bybit’s launch of the Islamic crypto account is more than just a new feature; it’s a reflection of the evolving landscape of cryptocurrency aimed at inclusivity. By addressing the specific needs of the Muslim trading community, Bybit is paving the way for a significant shift in how cryptocurrencies can be perceived and utilized within Islamic finance. This development not only opens doors for Muslim traders but also sets a precedent for other exchanges to consider similar innovations in the future, marking an important evolution in the digital asset trading space.