Bybit Launches Sharia Crypto Account For Muslim Traders

Bybit launches a sharia crypto account for Muslim traders (Photo; Doc. Defi Planet)

JAKARTA - Bybit, one of the world's largest crypto exchange platforms, officially launched the Islamic Account on September 24, 2024. This move was taken in response to growing demand for Islamic financial solutions in the crypto world, especially from the global Muslim community. With this launch, Bybit hopes to provide trade services that are not only profitable but also in accordance with sharia principles, providing a sense of security and comfort for Muslim traders.

The Syariah Bybit account allows spot trading for 75 types of strictly selected cryptocurrencies, as well as features of trading bots such as DCA (Dollar Cost Averageing) and Spot Grid Bot. These products have obtained certification from ZICO Shariah and CryptoHalal, two institutions that ensure that the service is in accordance with Islamic financial standards and Islamic law.

With the presence of this account, Muslim traders can now invest in digital assets without worrying about violating religious principles. This Sharia account is available globally, except in areas that have legal restrictions related to crypto trading.

According to reports, the launch of the Syariah Bybit Account aims to answer the needs in the Islamic finance sector which is estimated to be worth US$2.3 trillion (Rp34.7 quadrillion). By providing crypto trading options according to sharia, Bybit hopes to provide an inclusive and relevant financial solution for Muslim traders around the world.

Quoted from Crypto News, Joan Han, Marketing and Sales Director of Bybit, stated that this launch is a major step in Bybit's commitment to providing trade services that can be accessed by all people. By working with CryptoHalal and ZICO Holdings, we ensure that our products are in line with Islamic financial principles, empowering Muslim traders to participate in the growing crypto market," said Han.

Bybit also recently received temporary approval from Dubai Virtual Assets Supervisory Authority (VARA), which brought them closer to obtaining full virtual asset service provider licenses. If fully operational, Bybit will be able to expand its services to more investors in the region.

Since setting up its global headquarters in Dubai in 2022, Bybit has sought to expand its reach in the city's growing crypto sector. The launch of this sharia crypto account is also expected to strengthen Bybit's position in the Middle East market, which is known to have high demand for Islamic-suited financial products.