Bybit has launched the world’s first Islamic crypto account, designed to meet Shariah principles. This innovative account allows Muslim traders to trade cryptocurrency while adhering to their faith. The services consist of spot trading with 75 Shariah-compliant tokens on offer, plus features such as the DCA trading bot and the Spot Grid Bot.
To ensure that the account complies with Islamic Bybit, it sought advice from ZICO Shariah Advisory Services, which is licensed in Kuala Lumpur, Malaysia. The goal of this partnership was to build a trading platform that complies with Shariah laws, which means that it follows ethical standards of finance.
The Shariah-compliant account is open to Muslim traders all over the world. As a result, it has products and services that it provides in the market that are accepted under Islamic law. According to Bybit, the firm sticks to an open and clear fee schedule and does not mix its funds with clients’ cash, which is ethical in Shariah trading.
New Islamic Crypto Account Offers Ethical Investment Opportunities
In this regard, through the Islamic Account, traders get the opportunity to invest in the expanding market of cryptocurrencies while not compromising on their ethics. The account is intended for people willing to trade but who do not want to do it obscurely or sinfully.
However, ZICO Shariah has approved the account for compliance with Shariah principles. It is significant to note that the certification is not given to crypto tokens. Although the trading account is Shariah compliant, users are advised to do their research on the token of their choice.
Bybit’s release of this account is a giant leap towards ensuring that cryptocurrency trading is not only possible for Muslim traders but also highly ethical. As the adoption of Islamic finance increases, Bybit will be in a position to offer a platform that adheres to Shariah law in the crypto market.
