Is Binance Smart Chain (BNB) Halal or Haram?
Shariah compliance review of Binance Smart Chain (BNB) by Islamic finance scholars at EthicalNode, with separate verdicts for trading and for staking.
Trading verdict: Comfortable
There is an opinion that the use of the BNB token is not permissible due to prohibited instruments available on the Binance exchange. However, Marhaba DeFi (Sahal Wallet) disagrees with this view, arguing that the Binance exchange and the Binance Smart Chain blockchain are two related but separate products. The blockchain enables the development of smart contracts and applications, and does not directly provide any prohibited instruments. We adhere to this perspective. The BNB token is used to pay gas fees on the Binance Smart Chain network, for staking, and as rewards for validating the network (PoS). The token is also used in DAOs for voting on governance decisions related to the network. Staking the BNB token remains questionable for the same reason as with many other ecosystem tokens and cryptocurrencies such as Ethereum, Solana, Cardano, etc. This is due to the presence of prohibited or questionable instruments in the applications and smart contracts developed within these ecosystems.
Staking verdict: Questionable
Staking the BNB token remains questionable for the same reason as with many other ecosystem tokens and cryptocurrencies such as Ethereum, Solana, Cardano, etc. This is due to the presence of prohibited or questionable instruments in the applications and smart contracts developed within these ecosystems.
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