ETC Ecosystem Spotlight: Scholars Approve ETC For the Bybit Sharia Compliant Trading Platform
As a neutral and global platform to serve everyone in the world regardless of their nationality, culture, religion, or politics, Ethereum Classic is meant to be used by individuals and families everywhere in the world as a refuge against inflation and as a protection of basic rights.
Following this philosophy, Bybit, the second largest crypto exchange in the world by volume, has launched a Sharia-compliant trading service to cater to Islamic countries and populations, and has integrated ETC as a permitted asset based on its characteristics and the approval by scholars who have advised the company on this matter.
Sharia Law restricts dealing in assets according to certain rules. Following is a description of some of these rules and how Bybit has adapted its offering to accommodate Islamic markets:
- Riba (Interest): Traditional trading accounts often involve interest charges, which are prohibited in Islam. Bybit's Islamic account eliminates all forms of interest, ensuring compliance with this core principle.
- Gharar (Uncertainty): Sharia law prohibits excessive uncertainty and speculation. Bybit's Islamic account focuses on spot trading, DCA bots, and Spot Grid bots, which promote transparent and predictable trading strategies.
- Maysir (Gambling): Islamic finance forbids any form of gambling. Bybit's Islamic account promotes responsible trading practices and discourages excessive risk-taking.
The account is separate from regular Bybit accounts and provides access to Sharia-compliant spot trading, DCA bots, and Spot grid bots.
Currently, the Islamic account supports 76 of the most traded Sharia-compliant trading pairs of which one is Ethereum Classic certified by their partners, CryptoHalal and Zico.
To learn how to buy and trade ETC in general on Bybit check out our previous post:
Buying and Trading Ethereum Classic Through Bybit
To open an account using Bybit's Sharia-compliant platform go to the specific web page:
To check out the price of ETC, volumes, charts, and more on their exchange service go here:
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To learn more about ETC please go to: https://ethereumclassic.org
