Bybit launches crypto-Islamic accounts for Muslim investors

Source Cryptopolitan

Leading crypto and derivatives exchange, Bybit launched a rare service in its crypto-Islamic account for Muslim investors. The account facilitates spot trading on 75 Shariah-compliant tokens and two trading bots. The account is available worldwide for Muslim investors.

The popular crypto exchange unveiled the Islamic-friendly account for Muslim crypto traders and investors in an X post. The account’s initial offerings will include a spot grid bot and a dollar-cost-averaging (DCA) bot. 

The account also offers 75 Shariah-compliant tokens for spot trading. Bybit claims these tokens adhere to Shariah laws and ethical Islamic financial principles. 

Bybit consults ZICO Shariah to offer crypto-Islamic accounts

Bybit consulted ZICO Shariah, a licensed Shariah consulting and advisory firm based in Kuala Lumpur, Malaysia, for the Islamic principles to set up the accounts. The chief executive officer of Bybit, Ben Zhou, announced the exchange had unveiled the Islamic account. 

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

Bybit said it launched this account type to fill a gap that hindered Muslim investors from joining the crypto community. The discussion about crypto being haram or halal has continued for years. Some Muslim investors distanced themselves from the industry due to a lack of clarity. 

The industry is often classified on the same grounds as gambling, which is heavily condemned by Islamic laws. However, Bybit’s move to unveil Sharia-compliant crypto products could fill that gap and facilitate the entry of Muslim investors into the crypto space.

Islamic laws condemn crypto lending protocols

Islamic laws condemn and strictly prohibit any form of usury or interest, often referred to as “Riba” by the community members. Muslim investors cannot use crypto lending platforms or protocols offering similar services to earn interest or usury.

According to Islamic Finance Guru, major crypto projects are considered halal (permissible) by Islamic law. These digital assets include Chainlink (LINK), Ripple (XRP), Bitcoin (BTC), Bitcoin Cash (BCH), Cardano (ADA), Litecoin (LTC), Polkadot (DOT), Bitcoin SV (BSV), and Ether (ETH). 

Stablecoins such as Tether’s USDT and Circle’s USDC are interest-bearing but can be considered Shariah-compliant. If a Muslim investor buys and exchanges the stablecoins with another compliant token, “Riba” does not apply.

The news caused a wave of interest among Bybit’s target audience, Muslim crypto enthusiasts. One particular X user commented on Zhou’s announcement post, stating that the reform was a big achievement for the exchange. The user indicated that Bybit’s Islamic accounts are a gateway to new opportunities for the Islamic finance community. 

The Islamic accounts are available worldwide, according to Bybit’s official website. The exchange will not charge any interest on trades or holdings in line with the principle requirements for compliance with Islamic principles of finance. Bybit intends to comply with Shariah laws by preventing asset mixing and providing a direct fee structure in line with ethical financial activities.

Disclaimer: For information purposes only. Past performance is not indicative of future results.
placeholder
Gold is on track for 2% weekly lossGold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
Author  Cryptopolitan
13 hours ago
Gold lost more ground on Friday, putting the precious metal on course for its sharpest weekly slide in almost two months.
placeholder
Bitcoin Profit Taking Explodes: 12x More Gains Than Losses Hitting ExchangesOn-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
Author  Bitcoinist
13 hours ago
On-chain data shows the ratio between the Bitcoin profit and loss being sent to exchanges is approaching euphoric bull market levels.
placeholder
ADA and AVAX share bearish outlooks after the SEC delays ETFsCardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
Author  FXStreet
14 hours ago
Cardano (ADA) and Avalanche (AVAX) are down 5% to 8% in the last 24 hours, respectively, at press time on Friday, in the aftermath of the US Securities and Exchange Commission (SEC) delaying the decission over the Cardano and Avalanche Exchange Traded Funds (ETFs) filings on Wednesday.
placeholder
Tariff Uncertainty Rises Again, Stocks SlideAsian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
Author  Insights
15 hours ago
Asian stocks were mostly lower on Friday as global tariffs faced uncertainty again.
placeholder
Pound Sterling corrects against US Dollar after US court reinstates Trump tariffsThe Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
Author  FXStreet
15 hours ago
The Pound Sterling (GBP) drops to near 1.3475 against the US Dollar (USD) in Friday’s European trading session.
goTop
quote