Ethereum

Solana

Bitcoin

Spot

<p>Bybit, a global cryptocurrency exchange, has launched a Shariah-compliant Islamic account, offering a trading platform designed to align with Islamic finance principles.</p>
<p>Developed in partnership with CryptoHalal and ZICO Shariah Advisory Services Sdn. Bhd., this account provides access to <a href="https://www.bybit.com/en/shariahCompliant" rel="noopener noreferrer nofollow" target="_blank">Shariah-compliant digital assets and services</a>. This initiative allows Muslim traders to participate in the crypto market while adhering to Islamic ethical guidelines.</p>
<p>The Islamic account facilitates several trading options, including Spot Trading, Dollar-Cost Averaging (DCA), and Spot Grid Bots. These services are specifically designed to promote ethical and transparent trading, with a focus on avoiding prohibited activities such as usury (riba) and excessive uncertainty (gharar). Importantly, Bybit’s Islamic account segregates Shariah-compliant assets from non-compliant ones, ensuring that users’ funds are managed in a fully ethical manner.</p>
<h3 id="features-of-the-islamic-account">Features of the Islamic Account</h3>
<p>Bybit’s Islamic account supports 19 selected tokens, including major cryptocurrencies such as Bitcoin (BTC), Ethereum (ETH), Solana (SOL), and XRP, all deemed compliant by Shariah standards. These tokens are recognized as assets of value rather than ribawi items, meaning they are not subject to the same regulations as currency exchanges under Islamic law.</p>
<p>In addition to spot trading, Bybit offers automation through two types of bots: the <strong>DCA Bot</strong> and the <strong>Spot Grid Bot</strong>. The DCA Bot allows users to invest a fixed amount at regular intervals, reducing market timing risks and promoting steady growth. The Spot Grid Bot facilitates automated buy and sell orders within specified price ranges, helping traders capitalize on market volatility while maintaining ethical trading practices.</p>
<h3 id="ethical-and-transparent-financial-practices">Ethical and Transparent Financial Practices</h3>
<p><a href="https://crypto.ro/en/exchange/bybit/" rel="noopener noreferrer nofollow">Bybit</a> emphasizes ethical financial management by ensuring no commingling of Shariah-compliant and non-compliant funds. This approach is reinforced by transparent fee structures and adherence to the Wakalah (agency) contract. Under this contract, Bybit acts as an agent (Wakeel) for users, executing trades while maintaining a fiduciary duty to protect user funds.</p>
<p>With regulatory approval from entities such as Dubai’s Virtual Assets Regulatory Authority (VARA) and the Cyprus Securities and Exchange Commission, Bybit’s Shariah-compliant services are globally accessible, providing Muslim traders with a safe and ethical environment for participating in the evolving crypto market.</p>

Bybit Launches Shariah-Compliant Islamic Account for Crypto Trading

Table of Contents

crypto.ro global

Other articles published on Oct 8, 2024

Binance names Tornado Cash (TORN) among tokens to be automatically converted and delisted

Qubetics Presale: Enhancing Blockchain Accessibility as Cardano Faces Challenges and 5thScape Adv...

As Critical Days Approach for Bitcoin, Whales Bought These Altcoins the Most in the Last 24 Hours!

Binance’s September Proof-of-Reserves Shows Major Bitcoin and Ethereum Outflows Amid Market Strug...

Elon Musk Backs Polymarket Over Polls for 2024 Election Predictions

Chinese Stocks Crack Following A Week of Rally, Will BTC and Altcoins Benefit?

Join our free newsletter for daily crypto updates!