Cryptocurrency Q&A
Is it Haram to use Binance?
Is it Haram to use Binance?
Federico
Tue Jun 11 2024
|
6 answers
1094
Could you kindly elaborate on the question of whether using Binance is considered Haram? I'm interested in understanding the religious and ethical perspectives surrounding this matter. Is there a specific religious teaching or interpretation that deems the use of Binance unacceptable? Could you also provide any relevant sources or references to support your viewpoint? Additionally, would the usage of Binance be differently perceived depending on the specific context or purpose of its utilization? Thank you for addressing these queries.
6 answers
CryptoPioneer
Wed Jun 12 2024
Another service offered by Binance and other exchanges is spot trading. Spot trading refers to the direct purchase and sale of cryptocurrencies without the use of leverage or futures contracts. This form of trading is generally considered halal.
Was this helpful?
273
74
Carlo
Wed Jun 12 2024
Cryptocurrency, in general, can be considered halal for buying, selling, or holding as an asset. However, when it comes to margin trading, futures, staking, DeFi staking, earn services, loans, dual investments, and borrowing, these activities are Haram.
Was this helpful?
153
55
GwanghwamunGuardianAngel
Wed Jun 12 2024
When it comes to investing in cryptocurrencies, it is crucial to adhere to halal principles. This means avoiding Haram activities like margin trading, futures, staking, and other similar services. Instead, investors should focus on spot trading, which is the most compliant with halal investing practices.
Was this helpful?
102
93
CryptoProphet
Wed Jun 12 2024
Binance, as one of the leading exchanges in the cryptocurrency industry, offers a wide range of services. However, many of these services, such as margin trading and futures trading, fall into the category of Haram activities.
Was this helpful?
55
47
Silvia
Wed Jun 12 2024
It is important to note that even staking, which is often considered a passive income method in the crypto world, is Haram. Binance, specifically, offers staking services, but these are not compliant with halal principles.
Was this helpful?
398
70
Load 5 more related questions
