Bybit has announced the launch of its Islamic Account in a major step towards providing crypto trading that is both accessible and compliant with Islamic law.
This is a milestone move by Bybit which becomes the first global cryptocurrency exchange to offer such a service to Muslim traders as the Islamic economy continues to grow rapidly, now serving nearly 1.9 billion people worldwide.
With the Islamic finance sector currently estimated to be worth a staggering $2.3 trillion, a Shariah-compliant trading platform will serve as a way for Bybit to tap into such a vast and growing market, mostly located in the Middle East, Africa, and South Asia (MEASA) region.
Bybit partnered with Crypto Halal and ZICO Holdings for Shariah compliance
Joan Han, Sales & Marketing Director at Bybit, said: “We are thrilled to introduce our Islamic Account, which represents a major milestone in our commitment to providing inclusive and accessible trading solutions. 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.”
Bybit ensures double Shariah certification by tapping both Crypto Halal Certification and the official Shariah certification from ZICO Holdings in order to guarantee that all products meet the highest standards of Islamic law.
Developed in consultation with ZICO Shariah Advisory Services Sdn. Bhd. (ZICO Shariah) and CryptoHalal to ensure compliance with the Shariah principles, Bybit’s Islamic Account provides Muslim traders with an inclusive platform to engage in the digital asset market and ensures that all products strictly adhere to Islamic finance principles.
Besides offering a comprehensive suite of Shariah-compliant trading products, the crypto exchange’s Islamic Account is available to all users, regardless of region, except in countries with legal restrictions. Initial offerings include spot trading (limited to 75 Shariah-compliant tokens), DCA trading bot, and Spot Grid Bot.
Bybit Türkiye secures CASP license and launches TRY pairs
In the meantime, Bybit Türkiye was officially recognized as a Crypto Asset Service Provider by the Capital Markets Board (CMB) of Turkey.
Operating through Narkasa Yazılım Ticaret Anonim Şirketi, a local entity, Bybit Türkiye adheres to CMB regulations, ensuring compliance while supporting the country’s evolving crypto sector.
It was in June that Bybit partnered with Narkasa to focus on strategic efforts to establish itself as a prominent player in the market. Bybit Türkiye has implemented several key features to enhance the experience for Turkish users:
– Early September 2024: Launched Turkish Lira (TL) trading pairs, enabling users to trade cryptocurrencies directly using TL.
– One-Click Buy Feature: Simplified the process of purchasing cryptocurrencies, making it easier for new users to get started.
– Ziraat Bank and Vakıfbank Integration: Facilitated seamless TL deposits and withdrawals through trusted local banks.
Bybit’s Turkish operation recently launched TRY (Turkish Lira) trading pairs on its Spot market, allowing Turkish users to buy and sell Bitcoin (BTC), Ethereum (ETH), and Tether (USDT) directly with TRY.
Eliminating the need for conversion steps, the direct conversion of TRY pairs started on August 30th, 2024, and will feature the following pairs: USDT/TRY, BTC/TRY, and ETH/TRY.
Bybit Türkiye’s commitment to the Turkish market extends beyond just new trading pairs, the firm stated, adding that the platform remains dedicated to fostering a vibrant local community through ongoing localization efforts and catering to specific user needs.
