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In a significant move to satisfy the increasing demand for Shariah-compliant monetary products, within the crypto sector, exchange Bybit has announced the first Islamic crypto trading account.
Bybit is now proud to announce the first ever Crypto Islamic account for all our Habibis out there!
The advanced account has services aligned with Islamic financial ethics, allowing individuals to trade their favorite digital coins while avoiding forbidden undertakings such as gambling and interest-based transactions.
The exchange consulted a regulated advisory firm, ZICO Shariah, to ensure compliance. Its pronouncement to Bybit stated:
The creation of an Islamic account serves to restrict the users to only trade Shariah compliant digital assets in an end-to-end Shariah-compliant manner.
Some of the initial offerings include limited 75 Shariah-compliant cryptocurrencies for spot trading.
ZICO Shariah evaluated Bybit’s structure and website for the proposed Islamic account and confirmed that the trading model and available assets satisfy Shariah principles.
Setting standards for halal crypto trading
The move represents a crucial milestone in bridging Islamic finance with the cryptocurrency market.
Bybit sets standards for halal crypto trading as the demand for Shariah-adherence investment products, especially in countries like UAE and Malaysia.
Bybit’s initiative will likely accelerate crypto adoption in Muslim-majority jurisdictions through a Sharia-compliant and secure environment for modern investors.
Meanwhile, Bybit continues to attract the attention of global regulators.
The Turkey Capital Markets Board listed Bybit Turkey as a cryptocurrency asset service provider.
Turkish regulator recognizes Bybit as a crypto service provider
The recognition marked a crucial step for the trading platform, enabling it to serve crypto enthusiasts within the country’s digital assets regulatory framework.
The local exchange confirmed that it has focused on adhering to Turkish laws since its June 2024 rebrand.
🚨BREAKING🚨 🇨🇾 Cyprus gave license to Bybit to operate as a crypto exchange and custody service
The exchange plans to cement its presence in the country through innovative technologies, launching Turkish lira pairs and collaborating with local banks like Vakifbank and Ziraat Bank for smooth banking undertakings.
Moreover, Bybit Turkey introduced advanced features such as single-click buy to cater to newbies and experts.
The recent developments underscored Bybit’s dedication to establishing itself as a top player in the cryptocurrency industry, prioritizing compliance and security for global users.
Moreover, Bybit positions itself as a regulatory entity as crypto enthusiasts brace for a historic bull run, making it among the go-to platforms for new and experienced investors.
Bitcoin trades at $63.74K, eyeing robust uptrends after the recent Federal decision on interest rates.
Meanwhile, the upside path appears challenging as the top crypto has hovered in a descending channel since facing rejection above $73.75K.
While the price sways at the channel’s upper boundary, sudden shifts could trigger dips.
However, renowned analyst Ali Charts remains confident about Bitcoin uptrends, forecasting $78K after a potential dip to $60K.
I think the best way to mess with everyone’s dreams would be for #Bitcoin to drop to $60,000, rebound to $66,000, retrace back to $57,000, and finally break out towards $78,000!
He believes bulls could lose strength as the Relative Strength Index undergoes a bearish divergence.
Thus, BTC could plunge to $60K, bounce back to $66K, plummet to $57K before finally rallying to new ATHs of $78K.
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