Saw this question on https://www.reddit.com/r/HalalInvestor/
Can someone help?
https://academy.binance.com/en/articles/apy-vs-apr-what-s-the-difference
from what i have read so far, the only form of staking that is done to secure the Blockchain transactions (POS) is halal. Most of the services offered by the binance or other centralized exchanges are haram because they are just like savings account, you deposit and earn interest (yield) over it.
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apr or apy are not of concern here i guess the only thing that matters is where does your money goes. if it helps strengthen network then good if no then its just like lending to the exchange and getting interest in return
I was under the impression that “Locked Staking” of PoS (proof of stake) coins was the only permissible type of staking on Binance
Can anyone confirm though?
didn’t find any locked staking option on binance but there’s this “defi staking” option in earn section. if you’re referring to this, the funds you deposit there goes to venus, makerdao, dydx… and these are interest based protocols. so haram i suppose
