Bybit Enters Islamic Finance with First Shariah-Compliant Crypto Account

According to sources, one of the world’s largest crypto exchanges, Bybit, has just pulled off a daring tactic no one saw coming in the crypto space. The exchange made waves and caused quite a stir in the concerned global crypto circles on Oct. 24, 2024, when it unveiled its first-ever Shariah-compliant Islamic crypto account. Muslim traders can now access the purest form of a crypto trading platform that they can use without violating their religion.

Bybit’s Bold Leap into Shariah-Compliant Crypto

Innovation in the world of cryptos happens often, but Bybit’s Shariah-compliant crypto account is unique. This account is not just a common trading platform; it is an Islamic trading account, a massive innovation for millions of traders around the world of Muslims who have been wrestling with the lack of halal options in the crypto market.

Ben Zhou, the CEO of Bybit, another major cryptocurrency trading platform, was clearly elated with this development and shared the news on X (previously Twitter), signaling more on the way. He stated that a new crypto-Islamic account has now been fully launched on Bybit, and this is the world’s first account of its kind. Currently, the exchange supports Shariah-compliant and initial offerings of spot trading certificate, which consists of 75 Shariah-compliant tokens only, DCA trading bot and Spot Grid Bot.

But what is latent behind this pioneering release? Could this be the first of the many religious compliance meetings high tech innovation within the crypto domain? However, as it stands now, the platform is already utilizing 75 exhibited Shariah-compliant tokens—offering different options such as Tether’s USDT, Avalanche, Litecoin, Uniswap, & a whole lot more. Still, there is the feeling that here it could only be the beginning. Employed For What kind of surprises could Bybit be saving up?

A Step Towards Global Domination?

While the Islamic crypto account has captured global attention, another major development from Bybit has left industry insiders buzzing: its aggressive growth within the growing market of Turkey’s crypto industries. Only a day prior to that, Bybit Türkiye achieved the regulatory standing of a crypto asset service provider by the Turkish Capital Market Authorisation Regulation or CMB.

This strategic move, done in such close conjunction with the Shariah-compliant account launch, has many asking — is Bybit, in fact, planning something even larger? Turkey, with its active crypto enthusiasts and increased desire for digital assets, is the most appropriate location to expand the Bybit further. Is the acquisition of the brandmark an indication of Bybit’s bigger plans?

Advertisement Banner

In a statement, Bybit hinted at the importance of this milestone. An official at Bybit went on to say this when asked about compliance with Turkish financial laws: It has gone a step further and deployed sophisticated technology to make trading pairs involving the Turkish lira possible with local banking goliaths Ziraat Bank and Vakıfbank. But are there other things behind the scenes?

Further, Bybit launched a one-click purchase option that has made trading in cryptocurrency easier for Turkish people than before. The buzz around this feature is palpable, but here’s the burning question: will Bybit replicate this feature to the rest of the world, or is this just the first step of a grander plan for Turkey? It will remain to be seen, but the anticipation is there.

Is Bybit Leading the Way in Ethical Finance?

Because Bybit decided to venture into Islamic finance, we may be seeing the first step towards ethical finance whopping in the crypto business. It has ensured that the Shariah-compliant Islamic account is observant of religious rules through a partnership with ZICO Shariah Advisory Services and CryptoHalal. From the perspective of Muslim users, this account is a wonderful chance to engage in trading in compliance with religious legislation.

But here’s where things get even more interesting—will other crypto platforms step up and do the same? This appearance is unusual for Bybit, which has become all about daring and challenging concepts and actions; however, it must be asked, what is next? Islamic finance is on the rise, and there may well be a great appetite for ethical cryptocurrencies.

Conclusion: What’s Next for Bybit?

As the dust settles from Bybit’s historic announcement, one thing is clear: As we can see, the exchange has once again shown the ability to be ready to always step over the edge. What Bybit did is actually create the first Shariah-compliant Islamic crypto accounts that no one has created before, thus providing a groundbreaking service for all Muslim traders around the globe.

Now that Bybit has rapidly expanded to Turkey and has introduced features such as a one-click trade, might the platform have more up its sleeves? The eyes are on Bybit, keep following TheBITJournal and stay up-to-date with crypto trends.

Follow us on Twitter and LinkedIn, and join our Telegram channel to be instantly informed about breaking news!