Bybit, the world’s second-largest cryptocurrency exchange by trading volume, has launched the world’s first Shariah-compliant crypto account.
The Islamic account, now fully live, adheres to Shariah principles, ensuring ethical and transparent crypto trading.
The Founder and CEO of Bybit, Ben Zhou said that it offers spot trading limited to 75 Shariah-compliant tokens, alongside advanced trading options like a Dollar-Cost Averaging (DCA) trading bot and a Spot Grid bot.
This launch marks a significant step in bringing ethical finance into cryptocurrency, catering to Muslim traders seeking to invest without compromising their faith.
World’s First Islamic Shariah-Compliant Crypto Account
To ensure that Islamic financial rules were followed, Bybit approached ZICO Shariah, a licensed Shariah advice and consulting company with offices in Kuala Lumpur, Malaysia.
By working together, they make sure that the trading options offered under the Islamic account comply with Shariah principles. The account encourages ethical investing in cryptocurrency by enabling users to trade in a way that aligns with their religious beliefs.
Features of the Islamic account, like as trading bots and limited token sales, are intended to encourage long-term investment methods. By allowing users to invest in certain tokens regularly, the DCA trading bot reduces the dangers brought on by market volatility.
In the meanwhile, the Spot Grid Bot improves trading efficiency while adhering to ethical standards by enabling traders to automate buying and selling within preset price ranges.
Other Major Developments from Bybit
Apart from its offers that comply with Shariah, Bybit has also revealed significant modifications to the World Series of Trading (WSOT) for the year 2024. Participants will have the opportunity to trade on both DEXs and CEXs for the first time in the competition’s history.
In the realm of cryptocurrency trading, this connection is revolutionary because it gives traders a larger stage on which to demonstrate their prowess. Already regarded as the biggest and longest-running cryptocurrency trading competition in the world, WSOT 2024 will provide a prize pool of up to $10,000,000 USDT in addition to opulent incentives including yacht trips, tickets to international travel, and Rolex watches.
The DEX integration in WSOT 2024 is aimed at enhancing fairness, transparency, and trader engagement. By enabling participants to trade on decentralized platforms, Bybit is showcasing the growing impact of DeFi in the mainstream crypto space.
Through the launch of the Islamic account and the enlarged WSOT 2024 competition, Bybit is solidifying its dominance in the market for cryptocurrency exchanges. The exchange stays at the forefront of the changing cryptocurrency scene because of its dedication to offering a wide range of creative, ethical, and inventive trading alternatives.