Bybit, a leading crypto exchange, has announced the launch of its Islamic crypto account. The accounts are certified Sharia-compliant in accordance with Islamic laws.
Bybit Offers 18 Digital Assets For Sharia-Compliant Accounts
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Bybit has launched what it claims to be the world's first Crypto Islamic account, tailored for Muslim traders to ensure compliance with Islamic financial principles, notably the prohibition of interest (riba). Here's what this groundbreaking move entails:
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— Merdan Halilovic (@merdannp) September 24, 2024
For its initial offering, the exchange announced support for 18 coins on the Sharia-compliant crypto accounts. The 18 assets on offer are USDT, USDC, BTC, ETH, SOL, XRP, ADA, POL, AVAX, LINK, LTC, BNB, ATOM, ETC, UNI, XLM, ALGO, and XTZ. This move is huge for Bybit as it becomes the first top-tier digital asset exchange offering an Islamic crypto account.
Bybit, one of the largest crypto exchanges globally, announced the launch of its Sharia-compliant crypto accounts have been developed in consultation with ZICO Shariah Advisory Services to ensure compliance with Islamic principles. As per Sharia laws, these accounts will offer no interest. Muslim investors can use the platform’s crypto services while obediently observing their faith.
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Bybit CEO Reveals New First-Of-Its-Kind Offering
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.
Create your Islamic Sub-account now: https://t.co/BxLk8GR2N8 pic.twitter.com/ztz2RLDweJ— Ben Zhou (@benbybit) September 24, 2024
Bybit’s CEO, Ben Zhou, revealed that the initial offerings for the account will include Spot Trading, DCA Trading Bot, and a Spot Grid Bot. The official Bybit X account announced, ‘Bybit is now proud to announce the first ever Crypto Islamic account for all our Habibis out there!’
Regarding the operation of these accounts, users will still need to create a main account before creating an Islamic subaccount. The main account will be used to facilitate deposits and withdrawals, that can be then distributed to the Sharia-compliant subaccount for trading.
Muslim-Heavy Nations Make Significant Portion Of Latest Crypto Adoption Index
This move comes after blockchain data platform, Chainalysis, recently revealed its 2024 Global Crypto Adoption Index Top 20. India, Nigeria, Indonesia, Pakistan & Turkey are all listed in the top 20 and have a significant Muslim population.
Furtehrmore, this offering from Bybit will open up a significant portion of the population as potential customers. There are an estimated 1.9 billion Muslims worldwide, almost 24% of the global population.
Disclaimer: Crypto is a high-risk asset class. This article is provided for informational purposes and does not constitute investment advice. You could lose all of your capital.
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