If a token's price is connected to an ecosystem that includes interest-based products but the token itself does not directly generate interest, is holding it prohibited?
Question context
CoinStudy's answer
Research opinion from the CoinStudy Sharia team. Not a fatwa.
CoinStudy applies the AAOIFI economic dependence test to exchange tokens and ecosystem tokens. The compliance question is whether the token's value depends economically on the growth of prohibited financial activity. BNB's value grows when Binance's earn programs attract more deposits and when leveraged trading volume increases. This economic dependence creates a compliance concern even without formal ownership or a contractual claim on the revenue. Scholars who apply only the strict AAOIFI ownership test would reach different conclusions. CoinStudy applies the economic dependence framework which our chairman has validated through his BNB ruling. This is an area of genuine scholarly discussion.
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