Bybit Unveils Shariah-Compliant Islamic Crypto Account in Turkey

In a strategic expansion of its services, crypto exchange Bybit has announced the launch of a Shariah-compliant Islamic crypto account on September 24, specifically designed to cater to its Muslim clientele. This innovative account aligns with the principles of Islamic finance, recognizing digital assets as "mal" (valuable assets) under Islamic law. As these assets lack a physical form, they are classified as goods ('urudh) rather than currency, thereby exempting them from the traditional financial stipulations associated with interest-bearing transactions (ribawi).

This development is a significant milestone for Bybit, enhancing its offerings to provide a platform that respects Islamic financial guidelines. The account setup was refined through collaborations with ZICO Shariah Advisory Services and CryptoHalal, ensuring strict adherence to Shariah laws.

The Islamic account supports various tokens, including USDT by Tether, Avalanche, Litecoin, and Uniswap, broadening options for Muslim traders.

Following its official recognition by Turkey’s Capital Markets Board (CMB) as a licensed crypto asset service provider, Bybit Türkiye—operating under Narkasa Yazılım Ticaret Anonim Şirketi—has emphasized its commitment to compliance and local market integration since its rebranding in June 2024.

Bybit’s further inroads into the Turkish market include partnerships with prominent local banks like Ziraat Bank and Vakıfbank, facilitating straightforward banking solutions. The platform has also enhanced user experience with features such as one-click purchasing, appealing to both novice and seasoned traders alike. This launch not only strengthens Bybit’s presence in Turkey but also marks a pivotal step in accommodating the financial practices of its Muslim users.