Bybit Exchange Launches Sharia-compliant Crypto Accounts

As a seasoned crypto investor with years of experience under my belt, I find the recent development at Bybit particularly intriguing. The launch of Sharia-compliant crypto accounts is a significant step towards financial inclusion and could potentially attract a large number of Muslim investors to the platform.


Bybit, a cryptocurrency exchange, has introduced Sharia-compatible digital wallets on its platform. These wallets provide services that adhere to Islamic legal guidelines, making Bybit the first digital asset provider to offer such wallets. As an initial step, the platform has also announced support for 18 coins that are compatible with these Sharia-compliant wallets.

Here are the details of the top 7 cryptocurrencies by market cap as of your request:

Details About the Bybit Sharia-compliant Crypto Accounts 

The newly created accounts have been designed in collaboration with ZICO Shariah Advisory Services, adhering strictly to Islamic legal guidelines and principles. These accounts, which are compliant with Sharia law, aim to provide Muslim investors with a sense of ease. For example, these Islamic accounts will forgo interest payments, allowing Muslim users to confidently utilize the platform’s cryptocurrency services.

According to Islamic law, also known as Sharia, Muslims are prohibited from earning money through interest, trading or consuming pork, and investing in businesses associated with gambling, alcohol, or adult entertainment.

It’s important to note that individuals who wish to establish a Sharia-compliant cryptocurrency account need to first set up a primary regular account for transactions like deposits and withdrawals. Following this, they are allowed to open an Islamic sub-account. Bybit has made it possible for users from any region to access these Islamic accounts without restrictions.

As per Ben Zhou, the CEO of the exchange, Muslims globally have access to Spot Trading, DCA Trading Bot, and Spot Grid Bot. Currently, Bybit stands as the second-largest crypto exchange in terms of trading volume. This recent expansion could potentially increase user engagement and lead to higher trading volumes on the platform.

Emphasizing financial inclusion could potentially garner significant interest in this exchange, possibly encouraging a larger number of Islamic investors to participate.

The Only Bybit Sharia Account Concerns 

On a different note, this might spark an increase in terrorist funding through cryptocurrencies. Terrorist groups could potentially fund their operations more effectively without leaving any trace for future investigations. Remarkably, some Islamic nations are already demanding that the cryptocurrencies they use should adhere to Sharia law.

The United Nations Support and Sanctions Monitoring Team, working alongside the Security Council Committees, has revealed that there are specialized pathways for Islamic money transfers in existence. Some of these channels can be found on the Telegram messaging app, such as CryptoHalal and Umma Crypto. There is increasing worry among UN members about the escalating adoption of cryptocurrency platforms, digital wallets, and stablecoins by terrorist organizations.

Currently, Bybit is temporarily authorized to obtain a Virtual Asset Service Provider (VASP) license in Dubai. This approval signifies another significant step towards their ultimate goal of complete approval.

The chatter about Bybit is not just confined to that platform, but is also reaching other trading sites. For example, Kraken has taken steps like filing for a jury trial in its dispute with the U.S. Securities and Exchange Commission (SEC) and purchasing Dutch crypto brokerage firm Coin Meester B.V., known as BCM.

Kraken views this acquisition as a crucial piece in its plan for expanding its presence in Europe. The platform currently possesses a Virtual Asset Service Provider (VASP) license in eight nations, including Germany, Spain, Italy, the Netherlands, Belgium, Ireland, France, and Poland.

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2024-09-24 13:55