Bybit Exchange Launches Sharia-compliant Crypto Accounts

Coinspeaker
Bybit Exchange Launches Sharia-compliant Crypto Accounts

Cryptocurrency exchange Bybit has launched Sharia-compliant crypto accounts on its platform. These are crypto accounts with offerings that are aligned with Islamic laws. The launch makes Bybit the first digital asset service provider to offer such accounts. As a head start, the exchange also mentioned support for 18 coins supported by the Sharia-compliant crypto accounts.

These are USDT USDT $1.00 24h volatility: 0.0% Market cap: $119.20 B Vol. 24h: $48.49 B , USDC USDC $1.00 24h volatility: 0.0% Market cap: $35.90 B Vol. 24h: $6.33 B , BTC BTC $63 404 24h volatility: 0.0% Market cap: $1.25 T Vol. 24h: $23.86 B , ETH ETH $2 640 24h volatility: 0.0% Market cap: $317.83 B Vol. 24h: $15.27 B , SOL SOL $146.1 24h volatility: 1.9% Market cap: $68.48 B Vol. 24h: $2.48 B , XRP XRP $0.59 24h volatility: 0.5% Market cap: $33.16 B Vol. 24h: $1.10 B , ADA ADA $0.37 24h volatility: 4.6% Market cap: $13.16 B Vol. 24h: $339.93 M , POL POL $0.41 24h volatility: 0.9% Market cap: $2.95 B Vol. 24h: $91.05 M , AVAX AVAX $27.48 24h volatility: 0.7% Market cap: $11.16 B Vol. 24h: $303.41 M , LINK LINK $11.44 24h volatility: 0.6% Market cap: $7.18 B Vol. 24h: $351.89 M , LTC LTC $66.55 24h volatility: -0.7% Market cap: $4.99 B Vol. 24h: $296.47 M , BNB BNB $601.9 24h volatility: 1.9% Market cap: $87.81 B Vol. 24h: $1.22 B , ATOM ATOM $4.56 24h volatility: -0.1% Market cap: $1.78 B Vol. 24h: $137.96 M , ETC ETC $19.08 24h volatility: 0.4% Market cap: $2.84 B Vol. 24h: $119.03 M , UNI UNI $6.94 24h volatility: 3.4% Market cap: $5.23 B Vol. 24h: $166.83 M , XLM XLM $0.10 24h volatility: 0.2% Market cap: $2.84 B Vol. 24h: $48.45 M , ALGO ALGO $0.13 24h volatility: 1.3% Market cap: $1.11 B Vol. 24h: $46.43 M , and XTZ XTZ $0.70 24h volatility: 1.6% Market cap: $696.94 M Vol. 24h: $31.66 M . 

The new accounts were developed in consultation with ZICO Shariah Advisory Services to ensure full compliance with Islamic laws and principles. The goal of these Sharia-compliant crypto accounts is to make Muslim investors comfortable. For instance, these Islamic accounts will offer no interest, ensuring Muslim investors can comfortably use the platform’s crypto services.

The Sharia law does not allow Muslims to profit from interest, sell or eat pork, or engage in so-called sin stocks linked to gambling, alcohol, and pornography.

Noteworthy, users interested in owning a Sharia-compliant crypto account must create a main regular account to facilitate deposits and withdrawals. After that, they are given the option to open an Islamic sub-account. Bybit ensured that there were no regional restrictions for these Islamic accounts. 

According to the exchange’s CEO Ben Zhou, Muslims worldwide can access Spot Trading, DCA Trading Bot, and Spot Grid Bot. Based on trading volume, Bybit ranks as the second-largest crypto exchange. This latest development may boost engagement on the platform and even translate to a larger trading volume. 

Its focus on financial inclusion may draw massive attention to the exchange and help attract more Muslim investors.

On the flip side, this could begin a surge in terrorism financing using crypto. Terrorists may get the chance to better finance their attacks without leaving any footprint for future investigations. Already, Islamic states are insisting that the crypto they use must be Sharia-compliant. 

The Analytical Support and Sanctions Monitoring Team, which supports the United Nations Security Council Committees, stated that specialized channels for such Islamic transfers exist. Some of such channels are CryptoHalal and Umma Crypto on the Telegram messaging app. UN members are concerned about the growing use of cryptocurrency exchanges, e-wallets, and stablecoins among terrorist groups.

Meanwhile, Bybit has recently received provisional approval to acquire a Virtual Asset Service Provider (VASP) license in Dubai. The greenlight represents another milestone in Bybit’s journey toward full approval. 

The buzz around Bybit is spreading out to other trading platforms as well. For instance, Kraken recently filed for jury trial in its case with the United States Securities and Exchange Commission (SEC) and acquired Dutch crypto broker Coin Meester B.V. (BCM). 

Kraken considers the acquisition a “key element” in its European growth strategy. The exchange holds a VASP license in eight countries: Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland.

Bybit Exchange Launches Sharia-compliant Crypto Accounts