shariah

The name “Binance” is not a legitimate app or any other means of engaging in business in cryptocurrencies, and the profit obtained from it is also not lawful. Therefore, in the case mentioned, joining a competition called Binance, trading through it, and profiting from it is unlawful and haram. “Encyclopedia of the Problems of Trade” says: “Bitcoin” is merely a fictional currency; it does not have the basic essential characteristics and conditions of real currency. Therefore, in the present era, the business being carried out on the internet and in electronic markets in the name of buying and selling ‘coins’ or ‘digital currency’ or ‘cryptocurrency’ is not halal or lawful—it is nothing but deception. In reality, there is no tangible thing in it, and there is no possession (قبض) at all—only some numbers are added to an account. And it is a form of interest (riba) and gambling like forex trading. Hence, investing money in the so-called business of ‘Bitcoin’ or any ‘digital currency’ and taking part in buying and selling is not lawful. (Ref: (ج:2،ص:92،ط:بیت العمار)) In the Noble Qur’an it is stated: “O you who believe! Indeed, intoxicants, gambling, [sacrifices on] stone alters, and divining arrows are only an abomination of Satan’s work. So avoid them that you may be successful.” [Al-Ma’idah 90]
Translation: “O believers! The matter is exactly this: wine and gambling and idols and divining arrows—everything like that—are filthy Satanic deeds; so keep away from them completely so that you may attain success.”