Latest news with #RichardTeng
Gulf Insider
22-07-2025
- Business
- Gulf Insider
Binance Launches Sharia-compliant Cryptocurrency Staking
Binance has launched Sharia Earn, the world's first multi-token staking service that complies with Islamic finance principles. The cryptocurrency exchange has received certification from Amanie Advisors, a recognised Sharia advisory firm, for the product. The service addresses a market gap in the $4 trillion Islamic finance sector, where millions of Muslims have been unable to participate in decentralised finance due to religious compliance concerns. Sharia Earn enables users to earn passive income from cryptocurrency investments whilst adhering to Islamic law. The platform launches with support for BNB, ETH, and SOL tokens. Users can earn yield through staking mechanisms that have been reviewed by Sharia scholars and approved under Islamic finance principles. Richard Teng, CEO of Binance, said: 'Our mission has always been to create an inclusive and transparent trading environment. With this product we're empowering the Muslim community and Sharia-focused investors to participate in one of the most exciting financial revolutions of our time. This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' The service operates under Islamic finance guidelines that include risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar). Amanie Advisors has certified that all funds deployed through the platform are channelled into ventures and assets that are halal (permissible) under Islamic law. Binance has built the service using technology from its existing BNB Locked Products, ETH Staking and SOL Staking infrastructure. The mechanics of each staking method have been reviewed by Sharia scholars and operate through a Wakala agreement structure. Sharia Earn will initially be available in Afghanistan, Algeria, Bangladesh, Bhutan, Egypt, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Morocco, Nepal, Oman, India, Pakistan, Palestinian territories, Qatar, Saudi Arabia, Sri Lanka, Sudan, Tunisia, Turkey (.com), United Arab Emirates, Yemen, Uzbekistan, Kyrgyzstan, Turkmenistan, Azerbaijan, and Tajikistan. This marks Binance's first entry into Islamic finance products and represents the convergence of blockchain technology with Islamic banking principles. The platform aims to provide transparency and halal compliance for cryptocurrency investments in Muslim-majority markets. Also read: Kuwait Bans Cryptocurrency Mining
Arabian Business
21-07-2025
- Business
- Arabian Business
Binance launches world's first Sharia-compliant multi-token cryptocurrency staking platform
Binance has launched Sharia Earn, the world's first multi-token staking service that complies with Islamic finance principles. The cryptocurrency exchange has received certification from Amanie Advisors, a recognised Sharia advisory firm, for the product. The service addresses a market gap in the $4 trillion Islamic finance sector, where millions of Muslims have been unable to participate in decentralised finance due to religious compliance concerns. Binance bridges crypto and Islamic finance gap Sharia Earn enables users to earn passive income from cryptocurrency investments whilst adhering to Islamic law. The platform launches with support for BNB, ETH, and SOL tokens. Users can earn yield through staking mechanisms that have been reviewed by Sharia scholars and approved under Islamic finance principles. Richard Teng, CEO of Binance, said: 'Our mission has always been to create an inclusive and transparent trading environment. With this product we're empowering the Muslim community and Sharia-focused investors to participate in one of the most exciting financial revolutions of our time. This is more than a product – it's a movement toward a more principled and equitable digital economy that promotes financial freedom for all.' The service operates under Islamic finance guidelines that include risk sharing, wealth circulation, prohibition of interest (riba) and excessive uncertainty (gharar). Amanie Advisors has certified that all funds deployed through the platform are channelled into ventures and assets that are halal (permissible) under Islamic law. Binance has built the service using technology from its existing BNB Locked Products, ETH Staking and SOL Staking infrastructure. The mechanics of each staking method have been reviewed by Sharia scholars and operate through a Wakala agreement structure. Sharia Earn will initially be available in Afghanistan, Algeria, Bangladesh, Bhutan, Egypt, Indonesia, Iraq, Jordan, Kuwait, Lebanon, Libya, Maldives, Morocco, Nepal, Oman, India, Pakistan, Palestinian territories, Qatar, Saudi Arabia, Sri Lanka, Sudan, Tunisia, Turkey (.com), United Arab Emirates, Yemen, Uzbekistan, Kyrgyzstan, Turkmenistan, Azerbaijan, and Tajikistan. This marks Binance's first entry into Islamic finance products and represents the convergence of blockchain technology with Islamic banking principles. The platform aims to provide transparency and halal compliance for cryptocurrency investments in Muslim-majority markets.
Gulf Business
14-07-2025
- Business
- Gulf Business
Binance launches Sharia-compliant crypto staking product, eyes Middle East growth
Image: Getty Images Binance has launched what it calls its 'most meaningful product yet' – Sharia Earn , a fully certified Sharia-compliant crypto staking product aimed at providing Muslim users with halal investment opportunities. The announcement was made during the Binance Square Webinar by CEO Richard Teng. The new solution allows users to earn staking rewards on selected crypto assets, starting with BNB and Solana, while complying with Islamic finance principles. It represents Binance's first step into the world of Islamic finance and is seen as a critical move to bridge the gap between digital assets and Sharia-compliant financial products. Speaking at the launch, Binance CEO Richard Teng called the moment 'defining' for both Binance and the broader crypto community. 'Today, we are very proud to introduce Sharia-compliant staking solutions for BNB and Solana designed to meet the needs of Muslim users worldwide,' said Teng. 'A truly inclusive financial system must respect the values and needs of every community, and that's the vision behind Sharia Earn.' He added, 'Islamic finance's core tenets—transparency and shared prosperity—are universal, and they are the same values that drive everything we build at Binance.' The product is live across 30 markets including South Asia, Central Asia, the Commonwealth of Independent States (CIS), Indonesia, and Turkey. Expansion into other Muslim-majority markets is already in the works. Read: Bader Al Kalooti, who heads regional operations and growth for Binance in the MENA region, highlighted that the demand for halal investing solutions has been persistent across community engagements. 'There's a clear, clear demand from the Muslim community for halal investing opportunities. It's been raised in multiple community meetups everywhere we go around the region,' said Al Kalooti. 'Crypto adoption has increased drastically across many of the Muslim-majority markets, but until now, certain yield-generating products have remained out of reach. We built Sharia Earn to change that.' The product has been certified by Amani Advisors, a globally recognised Sharia advisory firm. Each supported token under the product is reviewed, screened, and certified to ensure it aligns fully with Islamic principles. 'We maintain compliance through a structured Sharia governance framework led by Amani Advisors,' explained Al Kalooti. 'We have ongoing screening, quarterly reviews, and independent Sharia audits from Amani to ensure that we're on track.' Sharia Earn From a technical standpoint, Sharia Earn begins by supporting BNB and ETH-based tokens, with reward mechanisms built on protocols deemed halal. BNB staking rewards are distributed daily at a variable rate, typically in additional BNB, while ETH and Solana users will receive wrapped versions—WBETH and BSOL—that increase in value over time as rewards accrue. Al Kalooti noted that the selection process was 'rigorous' and underscored Binance's commitment to ensuring that all staking rewards are generated solely through halal-based transactions and activities. Beyond retail users, Binance believes the new product will attract significant interest from institutional players in Islamic finance markets. 'From a business perspective, there's also a significant opportunity—whether it's from a retail angle or from institutions,' Al Kalooti said. 'Binance has over 25 million users in key markets. Less than 3 per cent of them currently use Earn products. So that's a huge gap we plan to address with Sharia Earn.' The product aligns with Binance's broader financial inclusion strategy and comes at a time when Islamic finance is gaining traction in global fintech circles. With this launch, Binance becomes the first global crypto exchange to offer a certified Sharia-compliant staking product, signaling a larger ambition to tap into the rapidly growing Islamic finance segment, especially across the Middle East and Southeast Asia. 'This launch marks a new chapter—one where crypto meets Islamic finance, not as an exception, but as a natural evolution,' said Teng. The product has now gone live on the
Business Insider
14-07-2025
- Business
- Business Insider
Binance.com creating an environment of financial literacy and inclusion for women
Binance has also made a strong commitment to promoting greater inclusion within the crypto community, with a particular focus on gender diversity. In a recent X post, Binance CEO Richard Teng showcased the latest numbers of women using the exchange for remittances, 'Over the past year, 500,000 women used #Binance to send $4B+ in domestic and international remittances. A powerful reminder: Crypto isn't just about tech, it's a tool for financial inclusion.' Through these efforts, Binance seeks to fulfill the original promise of cryptocurrency: financial empowerment for everyone. Not only that, greater inclusion of women in the crypto community could help make considerable progress when it comes to a longstanding issue in the developing world: access to adequate banking and other financial services. Female Inclusion is Transforming Binance, Both Inside and Out Binance's commitment to gender equality and inclusion extends both inside the company, as well as into the global cryptocurrency community. As Binance CMO Rachel Conlan has noted, 'Binance remains a leader in driving gender diversity across crypto and tech. Women now represent 40% of our workforce and half of our marketing team.' As for the company's crypto inclusions efforts for the global community at-large, Binance has engaged in extensive promotion of greater female inclusion in crypto. These efforts have included educational programs, financial literacy programs, and community-building initiatives, such as by holding events around the world for International Women's Day this past March. For several years, Binance has been active in co-hosting educational and community-building events in sub-Saharan Africa, a region considered ripe for cryptocurrency adoption. These efforts have seemingly already made an impact. More than 20% of crypto startups in the region are founded or led by women. The percentage of crypto held by women in the region (31%) is also in line with the percentage of crypto held by women worldwide. Fostering increased female inclusion and participation in crypto is not merely a matter of fairness: it may just well serve as the catalyst for improving living standards, particularly in underdeveloped regions of the world. In Sub-Saharan Africa and other developing regions, a longstanding roadblock has been a lack of access to traditional banking. Although the number of unbanked or underbanked individuals has fallen by around 44% over the past fifteen years, one-sixth of the global population unfortunately still falls within this category. However, with the advent of crypto and the blockchain, a viable alternative to inefficient traditional banking systems in the developing world has emerged. In terms of personal banking, crypto-based platforms now enable women in these regions to accumulate and grow wealth, Namely, by putting their savings into stablecoins. Women-owned businesses in these regions now have both the ability to safely save/accumulate wealth, as well as obtain access to growth capital, thanks to the emergence of crypto-based microfinance platforms. Besides improving the personal and business finances of the unbanked and underbanked, crypto-based platforms are also emerging as a safer and lower-cost alternative to traditional money remittance systems. The Work Continues Binance's commitment to gender inclusion has already both transformed the company and the industry at-large. As Conlan has also previously noted, 'We're seeing more women take on leadership roles, not just at Binance but across the board. At Binance, we are making conscious efforts to create an inclusive environment where diverse voices are valued,' These efforts have also indirectly helped to address and resolve a major hindrance to the eradication of global poverty. However, all this progress notwithstanding, Binance knows the work continues. In other words, the company is not resting on its laurels, when it comes to engaging in activities that help continue to bridge the crypto gender gap. For example, the percentage of women working in crypto has increased considerably, but women remain highly underrepresented in senior leadership and C-suite positions. Still, while there's much work to be done, given how quickly the efforts of Binance in this area have made a material impact, this is a promising sign that subsequent efforts will pay off in a big way as well.
Yahoo
12-07-2025
- Business
- Yahoo
Binance taps $4T market with first-ever Sharia-compliant staking service
Binance taps $4T market with first-ever Sharia-compliant staking service originally appeared on TheStreet. In a major expansion move, Binance has introduced Sharia Earn, the world's first Sharia-compliant crypto staking service. The platform, certified by Amanie Advisors, is hoping to soothe the years-long Islamic quandary regarding the compatibility of interest-free finance and the realm of decentralized assets. The multi-token crypto staking service taps into the growing interest in halal financial products among the world's 1.9 billion Muslims. Although the Islamic finance sector is worth over $4 trillion, most of the community has been sitting on the sidelines of crypto due to the potential for riba (interest), gharar (uncertainty), and asset authenticity. Binance's Sharia Earn is a direct response to this trend. The offering enables individuals in over 30 countries, including Indonesia, Saudi Arabia, Pakistan, and Egypt, to earn returns on BNB, ETH, and SOL through staking products designed to adhere to Islamic halal rules and ethics. It operates based on the Wakala contract, a Sharia-approved contractual structure that ensures revenue generation remains halal. Richard Teng, CEO of Binance, said the launch "empowers the Muslim community and Sharia-focused investors to participate in one of the most exciting financial revolutions of our time." What makes Sharia Earn notable isn't only religious compliance — it's the institutional-grade design and tech stack behind it. Based on Binance Earn's underlying staking infrastructure, the solution utilizes an established mechanism while utilizing a clear filter for halal eligibility. It's also a test of how DeFi platforms can localize offerings without sacrificing decentralization or yield potential. As crypto adoption accelerates in the developing world, products such as Sharia Earn may be essential tools in increasing financial inclusivity, not just through technology but by respecting cultural and even spiritual frameworks that mainstream finance sometimes ignores. Binance taps $4T market with first-ever Sharia-compliant staking service first appeared on TheStreet on Jul 11, 2025 This story was originally reported by TheStreet on Jul 11, 2025, where it first appeared. Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
