Binance, Exchanges

Is Binance Coin Halal?

Binance Coin is a cryptocurrency with a utility function on the Binance Chain, a decentralized exchange. Binance Coin is used to pay transaction fees and listing fees on the Binance Decentralized Exchange.

Binance Coin can also be used to pay for goods and services, similar to how one would use fiat currency.

The question of whether or not Binance Coin is halal has been debated among Muslim scholars. Some scholars argue that cryptocurrencies are not halal because they are not backed by a central authority, like a government or a bank.

Other scholars argue that cryptocurrencies are halal because they can be used for legitimate purposes and are not used solely for speculation.

The majority of Muslim scholars seem to believe that Binance Coin is halal. This is because Binance Coin can be used for legitimate purposes, such as paying transaction fees on the Binance Decentralized Exchange.

In addition, Binance Coin is backed by a central authority, the Binance Exchange, which makes it more likely to be considered halal.

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