Cryptocurrency exchange Bybit has launched an “Islamic account” for Muslim investors, offering financial products that comply with Shariah principles. The move comes shortly after Bybit was granted a license in the United Arab Emirates, a strategic market where Islamic finance is in high demand.
⛔ Since May 20, 2022, the Bybit platform has been on the Autorité des marchés financiers (AMF) blacklist of unauthorized companies and sites. The organization has not provided further information regarding this addition. For its part, the Bybit team confirmed to us that it was in discussions with the AMF to resolve the situation as soon as possible.
Crypto Platform Bybit Unveils 'Islamic Account' for Muslim Investors
Cryptocurrency exchange Bybit has unveiled a suite of “Sharia-compliant” products and “ensuring peace of mind for Muslim investors” accessible through the creation of a dedicated account, according to its website.
It was Ben Zhou, Bybit's co-founder and CEO, who announced the news on X:
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
Developed in partnership with ZICO Shariah, a company specializing in providing consulting services in compliance with Islamic law, the “Islamic account” offered by Bybit includes spot trading, the trading bot based on Dollar Cost Averaging (DCA), and the Spot Grid Bot. Not all cryptocurrencies comply with Sharia principlesBybit offers a selection of 19 tokens for this purpose.
The Islamic account is a financial account that adheres to the principles of Sharia law, allowing you to trade transparently and ethically, without compromising your faith.
This new account type unveiled by Bybit appears about ten days after the cryptocurrency exchange obtained a license in the United Arab Emirates.where Islam is the official religion and 96% of the inhabitants are Muslim.
Although Bybit CEO Ben Zhou says the crypto exchange is the first to offer such accounts, others are also doing so, including eToro.
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