Cryptocurrency Q&A
Is Binance halal?
Is Binance halal?
SumoPride
Mon Jun 10 2024
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5 answers
1299
Could you please clarify for me whether Binance, as a cryptocurrency exchange platform, is considered halal? I'm trying to understand if its operations align with Islamic financial principles and if it's suitable for Muslims to use. Could you provide me with some insights into this matter? I'm particularly interested in knowing whether Binance's services involve any unethical or prohibited activities that might render it unacceptable for those adhering to Islamic law. Thank you for your assistance in addressing this question.
5 answers
Alessandra
Wed Jun 12 2024
Loans, dual investments, and borrowing on crypto exchanges can lead to indebtedness and financial instability, contradicting the principles of ethical investing.
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Tommaso
Wed Jun 12 2024
Cryptocurrency, in general, is considered halal for buying, selling, or maintaining as an asset. However, the utilization of margin trading, futures, staking, Defi staking, earn services, loans, dual investments, and borrowing within exchanges like Binance or any other is strictly prohibited.
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Valentino
Wed Jun 12 2024
The rationale behind this prohibition lies in the high-risk nature of these transactions. Margin trading and futures involve leveraging, which multiplies both profits and losses, often leading to excessive speculation and gambling.
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StormGlider
Wed Jun 12 2024
Staking, Defi staking, and earn services often involve locking up funds for a period of time, earning interest or rewards, which can be viewed as a form of usury, another unethical practice.
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Dario
Tue Jun 11 2024
BTCC, a cryptocurrency exchange headquartered in the UK, offers a range of services including spot trading, futures, and wallet management. However, it is important to note that engaging in any of the aforementioned prohibited activities on BTCC or any other exchange is unethical.
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