Bybit, the world’s second-largest cryptocurrency exchange by trading volume, unveiled its Islamic Account on Tuesday, September 24, a move reported by Finbold. This initiative establishes Bybit as the pioneer global exchange offering crypto-trading services designed specifically for Muslim traders in adherence to Islamic law.
Through the introduction of the Islamic Account, Bybit grants users access to a suite of Shariah-compliant trading products, catering to the investing and religious requirements of Muslim investors. By partnering with ZICO Shariah Advisory Services Sdn. Bhd. and CryptoHalal, Bybit ensures strict adherence to Islamic finance standards in its offerings.
Global Muslim traders, excluding regions with specific legal constraints, can access a range of features under the new account, focusing on spot trading with 75 Shariah-compliant tokens and automated trading tools such as the DCA and Spot Grid Bots. With two Shariah certifications from CryptoHalal and ZICO Holdings, Bybit affirms the compliance of its products with Islamic law.
The Islamic economy, serving almost 1.9 billion individuals worldwide and valued at approximately $2.3 trillion, is rapidly expanding, particularly in the Middle East, Africa, and South Asia. Bybit’s introduction of the Shariah-compliant account allows it to tap into this growing market and provide Muslim traders a secure avenue to engage in the cryptocurrency sector.
Bybit’s Sales & Marketing Director, Joan Han, expressed enthusiasm for the launch, emphasizing the platform’s commitment to inclusivity and accessibility in trading solutions. This move underscores Bybit’s dedication to fostering diversity within the cryptocurrency realm and promoting greater inclusivity.