Every week Muslim investors send us questions about crypto, halal investing, and Islamic finance. We answer every question. The most important ones are published here permanently for the entire community. 56 questions published so far.
56 total
Following the widely shared fatwa attributed to Mufti Taqi Usmani ruling cryptocurrency impermissible, many Muslim investors in Pakistan, India, Bangladesh, and beyond stopped or hesitated their crypto activity. Community members asked CoinStudy directly whether this fatwa settles the question and whether all cryptocurrency investment must stop.
Pendle Finance splits yield-bearing assets into Principal Tokens and Yield Tokens. Yield Tokens capture all yield generated by the underlying position until maturity. Some Muslim investors are buying YT tokens on halal company xStocks like SpaceX on Pendle specifically to earn xPoints leaderboard multipliers for a potential airdrop, arguing that since SpaceX pays no dividends the YT generates no yield and is therefore just a points-farming instrument rather than a synthetic interest product.
Unus Sed LEO is the native utility token of Bitfinex, one of the oldest crypto exchanges. LEO was created in 2019 to raise capital after Bitfinex lost $850 million through Crypto Capital Corp. Bitfinex uses platform revenues including lending interest income to buy back and burn LEO monthly. Bitfinex operates peer-to-peer lending, margin trading, and derivatives products. The chairman previously ruled that BNB spot trading personal profit is halal for the individual. The question is whether the same applies to LEO.
Prophet Market is an AI-native prediction market platform launched in May 2026. Instead of matching human buyers and sellers, an AI model funded with USDC automatically takes the opposing side of every user trade. The AI uses ensemble probability pricing from OpenAI, Anthropic, Google, xAI, DeepSeek and Meta to price and resolve markets. Users deposit USDC and bet on uncertain future outcomes directly against the AI. No native token exists yet but community members are farming the platform hoping for a future airdrop.
Kaito Pro is Kaito's professional AI intelligence subscription that aggregates and analyzes information from social media, news, and research to help investors navigate crypto markets. It is separate from Kaito's prediction market products. Muslim investors who use Kaito Pro for research are asking whether the Haram classification of the KAITO token means the research service itself is also impermissible.
Some tokens are classified as Haram because holders directly receive distributions from prohibited activities. For example NEXO holders receive 30% annual dividends directly from lending profits. KAITO holders receive no direct distributions from Attention Markets betting volume. sKAITO staking earns governance voting rights only. Muslim investors are asking whether holding KAITO is impermissible if there is no direct financial benefit from the prediction market.
Polymarket's smart contracts run on Ethereum. Every Polymarket bet is settled on Ethereum's blockchain. Ethereum validators process every Polymarket transaction and earn fees from it. Yet CoinStudy classifies Ethereum as Halal. Kaito only provides AI data that Polymarket uses for Attention Markets outcomes, yet CoinStudy classifies Kaito as Haram.
Kaito provides AI-quantified social media mindshare and sentiment data that Polymarket uses to settle Attention Market prediction contracts. Chainlink provides price oracle data that Aave, Compound, and other DeFi lending protocols use to manage collateral and liquidations. CoinStudy classifies Chainlink as Halal despite its oracle data being used by platforms CoinStudy classifies as Haram.
Dash is a twelve-year-old payment cryptocurrency that launched its biggest upgrade in history in May 2026, called Evolution, adding smart contract functionality and Web3 capabilities to what was previously a pure payment network. It also has an optional privacy feature called PrivateSend and a self-funded treasury governance system controlled by masternode operators. In January 2026 AEON Pay brought Dash acceptance to 50 million merchants across Southeast Asia, Africa, and Latin America.
Zcash is a privacy-focused cryptocurrency that offers optional shielded transactions using zero-knowledge proof technology called zk-SNARKs. When using shielded addresses, transaction amounts, sender, and recipient details are hidden from external observers on the blockchain while both parties to the transaction retain full knowledge of what is being exchanged. Transparent transactions are also available making privacy fully optional.
Midnight is a programmable privacy blockchain developed by Input Output Global, the organization behind Cardano. It launched its mainnet genesis block on March 30, 2026 with Google Cloud, MoneyGram, and Vodafone as federated node operators. NIGHT is the governance token distributed through the Glacier Drop to 170,000 addresses. The network uses zero-knowledge proofs to enable selective data disclosure rather than all-or-nothing privacy.
Allbridge is a cross-chain bridge protocol with three products: Allbridge Core for stablecoin swaps with liquidity pools showing 9.48% average APR, Allbridge Next for universal cross-chain bridging at 0.1% fees, and Allbridge Classic for wrapped token transfers. The Ambassador Program contest offers a $3,000 monthly prize pool distributed through a leaderboard based on content creation on X and referral volume generated.
Pendle is a DeFi protocol that splits yield-bearing assets into two separate tokens: a Principal Token representing the underlying asset and a Yield Token representing only the yield stream. Some platforms offer XPoints rewards for holding Yield Tokens. Muslim investors are asking whether buying Yield Tokens of halal companies like SpaceX xStock purely for point accumulation rather than yield collection changes the compliance ruling.
JasmyCoin is Japan's first JFSA-approved cryptocurrency, built by former Sony executives for IoT data sovereignty. Users store personal data in Personal Data Lockers and receive JASMY tokens when businesses purchase access to their data. JasmyChain, a Layer 2 built on Arbitrum Orbit, launched in January 2026 making JASMY the native gas token of an entire blockchain. The project has a Panasonic partnership and My Number digital identity integration in Japan.
Nexo is a centralized crypto lending and savings platform managing $11-15 billion in assets. It relaunched in the US in February 2026 through a Bakkt partnership after a $45 million SEC settlement. NEXO token holders receive 30% annual dividends from platform profits. Nexo has Fidelity Digital Assets as a custody partner and is pursuing MiCA compliance for EU operations.
The CMC20 is a tradable index token launched by CoinMarketCap and Reserve Protocol on BNB Chain in November 2025. It tracks the top 20 cryptocurrencies by market cap excluding stablecoins and wrapped tokens. The basket is rebalanced monthly and is weighted by market capitalization. Many Muslim investors see it as a simple way to get broad crypto market exposure without researching individual coins.
A Muslim investor traded on Yoso prediction markets before becoming aware that prediction market trading is classified as Haram under Islamic finance principles. He earned profit from these trades and has already spent that money. He is now asking what his religious obligation is regarding past earnings from an activity he did not know was prohibited.
Dogecoin is one of the most recognized cryptocurrencies globally and is particularly popular among retail investors. CoinStudy's Shariah Board Chairman provided a conditional ruling on Dogecoin that differs from his more straightforward rulings on Bitcoin, Ethereum, and Solana, introducing a two-path framework based on whether genuine utility develops.
Many Muslim investors face pressure from scholars and community members who argue that the safest approach to cryptocurrency is complete avoidance. They want to understand whether there is a principled scholarly case for engagement rather than avoidance, beyond simply wanting to participate in market gains.
Muslim investors often ask whether CoinStudy's HCS methodology is grounded in genuine Islamic scholarship or simply a checklist. They want to understand the jurisprudential reasoning behind why some coins pass and others fail before trusting the results.
Maple Finance is an institutional on-chain credit marketplace with $3.6 billion TVL. It lends USDC and USDT to institutional borrowers including trading firms and market makers. SYRUP is its governance token. SyrupUSDC is a yield-bearing stablecoin that distributes institutional lending income to holders. The platform was named to Fortune's Crypto Innovators List in June 2026 and recently partnered with Kraken for institutional lending.
VeChain is an enterprise blockchain platform for supply chain management and product authentication. VET holders can stake their tokens and earn VTHO through a Delegated Proof-of-Stake mechanism introduced in December 2025. Muslim investors want to know if VET is halal and whether the VTHO staking rewards constitute interest income.
Pixie Chess is a blockchain chess game combining NFT collectibles, ETH tournament wagering, and free-to-play modes. There is a long-standing scholarly debate about whether chess is permissible in Islam. Muslim investors want clarity on both the chess question and the platform's specific features before engaging.
Pixie Chess is a Web3 chess game on Base blockchain backed by $5.2 million from Paradigm. It has NFT chess pieces, ETH tournament prize pools, and a free-to-play mode. Many Muslim investors are farming its potential airdrop through daily gameplay and quests.
Muslim investors conducting due diligence on CoinStudy want to verify the credentials and authenticity of the Shariah Board before relying on its rulings for investment decisions. They are asking for contact details, social media profiles, university information, and other verifiable credentials for the board members.
Ritual is a decentralized AI infrastructure project building an AI-native Layer 1 blockchain. It raised $25 million in a Series A and has attracted significant community participation through its Ambassador Program and Ritual Trials ahead of an expected future tokenlaunch. Many Muslim investors are actively farming the anticipated airdrop by completing community tasks.
Muslim investors frequently ask for a simple shortlist of cryptocurrencies that are confirmed halal rather than having to research each coin individually. With thousands of coins available and most platforms giving generic advice without proper Islamic finance methodology, Muslim investors need a reliable ranked list from a credible source with a named scholar behind it.
Decred is a hybrid Proof-of-Work and Proof-of-Stake cryptocurrency launched in 2016 with community governance built directly into its blockchain. DCR holders can lock their tokens as voting tickets to participate in consensus and earn variable block rewards. It also has an optional privacy mixing feature called CoinShuffle++.
Pump.fun is a meme coin launch platform on Solana that allows anyone to create and trade speculative tokens instantly using a bonding curve mechanism. PUMP is its governance token. The platform has generated $935.6 million in revenue and is one of the most used applications in crypto.
Following Mufti Taqi Usmani's widely circulated fatwa ruling cryptocurrency impermissible on the basis that it does not qualify as mal in Islamic jurisprudence, many Muslim investors treated this as a final and settled ruling. Community members asked CoinStudy whether this fatwa settles the question definitively and whether all crypto investment must stop based on this specific argument.
A community member provided a detailed analysis of QXMP Labs and QELT blockchain, explaining that QELT presale funds go into infrastructure and development costs, that no yield is generated before launch, that after launch reserve yield goes only to QXMP Labs and not to holders, that QXMP is designed as a GENIUS Act compliant enterprise utility stablecoin rather than a yield coin, that QELT's value grows from market demand and blockchain adoption rather than reserve interest, that 30% of all RWA tokenisation proceeds are programmatically routed through QELT's blockchain as a built-in mechanism, and that QXMP launches at $1 per token with intrinsic value backed by physical assets. The question is whether holding QELT and converting to QXMP is permissible given that interest income goes to QXMP Labs not to holders.
A community member asked about QXMP Labs, a real-world asset tokenisation platform backed by JORC-certified geological reserves including gold, diamonds, and uranium. The specific concern was whether QXMP Labs earning yield on reserves makes the token haram for individual holders, even though holders do not personally receive interest income.
A community member saw Nado.xyz mentioned in connection with xStocks and tokenized equities and asked whether buying stocks through that platform is permissible.
A project offered CoinStudy payment to tweet about their prediction market platform with the suggestion that the fee could be donated to charity, making the promotion permissible.
MicroStrategy became one of the most discussed investment vehicles during the 2024 to 2026 Bitcoin bull cycle. Community members asked whether MSTRx tokenized shares are permissible since MicroStrategy holds Bitcoin.
Conflux Network is positioned as China's only regulatory-compliant public blockchain. Community members asked whether government regulatory compliance with China's oversight framework creates a specific Islamic finance concern.
New Muslim crypto investors frequently ask for a single ruling on DeFi as a whole, not understanding that DeFi encompasses hundreds of structurally different protocols with different compliance profiles.
Backpack Securities launched in June 2026 as one of the first SEC-registered tokenized stock platforms. Community members asked whether it is more or less permissible than xStocks and what specific account configurations are required for compliance.
Meteora is one of Solana's largest DEXs with a significant airdrop campaign. Community members asked whether participating in Meteora's various liquidity products is permissible given the different pool types available.
BULK Exchange's pre-deposit campaign was heavily promoted on crypto social media with projections of 100% or higher APY. Muslim investors asked whether participating to earn the airdrop is permissible since they are not actively trading perpetual futures during the pre-deposit phase.
Yield farming became one of the most popular DeFi activities during the 2020 to 2021 DeFi summer. Muslim investors asked whether any form of yield farming is permissible given the high returns available.
A community member asked whether holding BNB or other exchange tokens is haram even if they personally only use the token for spot trading and never engage with the exchange's prohibited financial products.
A Muslim developer asked whether they could write educational content about Fermah's technical architecture while deliberately avoiding any promotion of Flashcast, Fermah's prediction market application.
Hyperliquid's HYPE airdrop made early participants wealthy and many Muslim investors asked whether the platform could be permissible since it is blockchain-based trading infrastructure rather than a traditional financial product.
Crypto lending is one of the most widely used DeFi activities. Community members asked whether depositing assets to earn yield is permissible since the returns are variable rather than fixed.
Community members asked whether providing liquidity to DEX pools like Uniswap, Raydium, and Meteora is permissible, and how it differs from crypto lending.
Ethereum is the second largest cryptocurrency and the foundation of most DeFi activity. Community members asked for a direct scholarly ruling on ETH's permissibility.
XRP is one of the most widely held cryptocurrencies among Muslim investors. Community members asked for direct scholarly confirmation of CoinStudy's 86/100 Halal classification.
Community members asked about TRON specifically given its widespread use for USDT transfers and its association with Justin Sun and JustLend.
Community members asked for a direct scholarly ruling on SOL specifically, as the fifth largest cryptocurrency by market cap with a large Muslim investor following.
Community members asked whether earning referral commissions from cryptocurrency exchanges is permissible under Islamic finance principles, particularly when those exchanges offer both permissible and impermissible financial products.
Multiple community members asked about the compliance of xStocks activity across four specific scenarios including buying and holding, DeFi lending, liquidity provision, and referral commissions.
A Muslim contributor in the UAE had invested significant time contributing to Fermah's Discord server. He was specifically avoiding promoting Flashcast, the prediction market application, but was uncertain whether working on infrastructure content was permissible given the platform's overall profile.
A community member facing a genuine financial emergency asked whether the principle of necessity in Islamic jurisprudence could permit using prohibited financial instruments when no halal alternative exists.
A community member asked whether the Haram classification of BNB prevents them from buying and selling BNB through spot trading only, without using any other Binance financial products.
A community member asked whether the structural Haram classification of USDT prevents them from using it as a payment tool for halal transactions.
