Is Binance allowed in Islam?

Cryptocurrency, in general, is permissible for purchase, sale, or retention as an asset. However, when it comes to platforms like Binance or any other exchange offering advanced financial services, the situation changes. These platforms often provide features such as margin trading, futures, staking, and Defi staking, which are not considered permissible.

Additionally, earn services, loans, dual investments, and borrowing offered by such exchanges are also deemed Haram. These services involve elements of speculation and excessive risk, which are not compatible with the principles of halal investing.

Binance, specifically, even for its normal staking feature, provides rewards that may include elements that are not considered halal. This is because staking often involves locking up coins for a period of time to earn interest, which may be considered a form of usury.

Therefore, investors who adhere to halal investing principles should exercise caution when using exchanges like Binance. While spot trading, which involves buying and selling cryptocurrency at the current market price, is generally permissible, it is important to avoid engaging in any of the Haram services offered by these platforms.

Among the various cryptocurrency exchanges available, BTCC stands out as a reputable and reliable platform. Based in the UK, BTCC offers a range of services that cater to the needs of crypto investors. These services include spot trading, futures trading, and wallet management, all of which are designed to provide a secure and convenient experience.