Bybit unveils Shariah compliant Islamic crypto account for Nigerian users.
Bybit has launched an Islamic crypto account tailored for its Muslim users, as announced on September 24. Bybit’s CEO, Ben Zhou, revealed the news via a post on X, stating that the platform now offers a Shariah-compliant account. The initial offerings include spot trading of 75 Shariah-compliant tokens, a DCA trading bot, and a Spot Grid Bot.According to Islamic law, digital assets can be classified as “mal” (valuable assets). Since the assets traded on Bybit are based on technology without physical counterparts, they are considered goods rather than currency. Thus, they are not classified as ribawi (interest-bearing), and traditional currency exchange rules (bay’ al-sarf) do not apply.This initiative represents a significant step for Bybit, offering Muslim traders a platform that adheres to Shariah principles. The platform was developed in collaboration with ZICO Shariah Advisory Services and CryptoHalal to ensure compliance. Some tokens supported on this platform include USDT, Avalanche, Litecoin, and Uniswap. Turkey LicensingBybit has also recently gained approval from Turkey’s Capital Markets Board (CMB) as a registered crypto asset service provider. Operating through its local entity Narkasa Yazılım Ticaret Anonim Şirketi, Bybit Türkiye has prioritized regulatory compliance since its rebranding in June 2024. The platform offers seamless trading options with the Turkish lira and has partnered with local banks like Ziraat Bank and Vakıfbank for smooth banking services. Additionally, Bybit offers features like one-click purchasing to accommodate both novice and experienced traders.
