Bybit Introduces World’s First Shariah-Compliant Crypto Account

The cryptocurrency exchange Bybit has launched the world’s first Islamic cryptocurrency account, adhering to Shariah law. Clients can access spot trading with 75 tokens and two trading bots.

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

The product was developed in collaboration with the licensed advisory firm ZICO Shariah from Malaysia.

The partner recognized digital assets as commodities rather than currency.

The account ensures no commingling of client funds, a transparent fee structure, and adherence to Islamic values.

Earlier, Bybit announced its withdrawal from France following stricter regulatory requirements in the country.

Back in 2018, ForkLog reported on Abu Dhabi-based Al Hilal Bank issuing $500 million in sukuk bonds with support from fintech startup Jibrel Network.

In 2022, the crypto startup Fasset, focused on Islamic countries, raised $22 million.