Four
FORM#190Four (FORM) is the renamed BinaryX token; its main product is Four.meme, a meme coin launchpad on BNB Chain.
Does not clear all 8 Shariah criteria. Needs caution: nature of the asset, excessive uncertainty (gharar), usage, and benefit and harm (maslahah). Fails: gambling (maysir) and business model.
- 2 pass
- 4 caution
- 2 fail
Verdict history
- DoubtfulCurrent
First publication
Fundamentals, market picture and news will appear here.
Halal analysis
Can a Muslim hold Four?8 Shariah criteria
2 pass · 4 caution · 2 failNo lending, interest or fixed return was found in FORM or in the launchpad.
Riba is interest or any guaranteed increase on a loan. Holding FORM pays nothing, and Four.meme earns trading and launch fees, not interest. Sharlife rates the token not permissible but publishes no reasons, and no interest mechanism was found in the sources collected. Lack of data is not a violation, so the criterion is at the maximum.
FORM is called the project’s governance token, but its use inside Four.meme is not documented, and its value rests on a meme coin launchpad.
This criterion asks whether the asset has real value as property (mal) with a lawful benefit. The project’s 2024 and 2025 announcements call FORM the governance token that took over all BNX use cases, with more utility to come within Four.meme, but neither the Four website nor the Four.meme documentation says what FORM is used for, and CoinMarketCap’s profile still describes the old BinaryX games. The token’s value is tied to a meme coin launchpad. Sharlife, the first authoritative source that rates it (as BinaryX), lists it as not permissible.
With an unclear benefit tied to a speculative business, the criterion is at caution.
The main product is a launchpad for meme coins, which its own disclaimer calls highly speculative.
Maysir is gambling: gaining or losing by chance rather than through productive exchange. Four.meme exists to launch meme tokens in seconds and trade them on a built-in price curve. Its own disclaimer says meme coins are extremely volatile and that traders should be prepared to lose their entire investment. Meme tokens have no underlying activity, so trading them is a bet on attention. Because this is the project’s main business, the criterion fails.
Four earns fees from the launch and trading of meme coins.
This criterion asks how the ecosystem earns and whether that income is impermissible. DefiLlama shows about $96.8 million of Four.meme revenue since launch, all of it from fees on meme token launches and trading, including tokens paired with tokenized stocks and tokens with trading taxes. Income from facilitating gambling-like speculation is impermissible. The newer real-world asset line is described on the website but its size is not disclosed. The criterion fails.
The team is anonymous and the project publishes no tokenomics table or concrete token utility.
Gharar is excessive uncertainty or hidden information. CoinMarketCap states that the developers are anonymous and that the project provides close to no tokenomics information and no vesting details. The official website changed its focus to real-world assets without explaining what this means for FORM holders. The supply is visible on-chain and the launchpad has an audit report, which keeps the criterion at caution.
FORM’s own uses are not documented; the ecosystem it belongs to is used for meme coin speculation.
This criterion looks at what the asset is actually used for. The project calls FORM its governance token, but no primary source describes a concrete use of FORM beyond that and trading it. The ecosystem around it is used mainly to create and trade meme tokens. Because the token’s direct use in that activity is not shown, the criterion is at caution rather than fail, at the bottom of the band.
FORM can be bought spot with full payment and held in self-custody.
This criterion asks whether the asset can be owned in a permissible way. FORM trades spot on major exchanges with full payment and delivery and can be held in a self-custody wallet on BNB Smart Chain. The criterion is at the maximum; the problems lie in what the token represents.
The launchpad exposes retail users to tokens that can lose all value, as its own warning says.
Maslahah weighs benefit against harm. Four.meme makes it almost free to create tokens with no purpose, and its own disclaimer warns users that they may lose their entire investment. The public benefit is small and the risk of harm to inexperienced traders is documented by the platform itself. No fraud by the project was found, so the criterion is at caution.
How you can use it
Tap a card for the ruling and sourcesBuying FORM with full payment and immediate delivery is available on exchanges. The token is rated DOUBTFUL and Sharlife lists it as not permissible (as BinaryX), so caution is advised.
No exchange-traded fund or product holding FORM was found in the sources collected. A product that held FORM would be judged like spot; its structure would need checking.
FORM is not used as a means of payment. Tier-1 bodies such as Indonesia’s MUI rule that using cryptocurrency as currency is not permissible.
No native FORM staking was found in the project’s current materials. Exchange products advertised as FORM staking or earn pay from other sources, usually lending, and must be checked.
Margin trading is never acceptable: it is a deferred exchange with borrowed money and leverage (AAOIFI SS 20).
Futures, perpetuals and options always fail under AAOIFI SS 20: deferred exchange without delivery, usually with leverage.
Lending FORM through exchange or DeFi lending programmes pays depositors interest from borrowers. This is riba.
FORM pays holders nothing itself. Yield products on FORM get their return from lending or similar interest-like sources and fail.
Scholars quotes
Penggunaan cryptocurrency sebagai mata uang hukumnya haram, karena mengandung gharar (ketidakjelasan), dharar (bahaya) dan bertentangan dengan Undang-Undang nomor 7 tahun 2011 tentang Mata Uang dan Peraturan Bank Indonesia nomor 17 tahun 2015 tentang Kewajiban Penggunaan Rupiah di Wilayah Negara Kesatuan Republik Indonesia.Sebagaimana mata wang yang lain, mata wang digital hendaklah tidak digunakan sebagai bayaran kepada barangan, perkhidmatan dan aktiviti tidak patuh Syariah seperti pembelian dadah, pelacuran, perjudian dan pendanaan aktiviti keganasan serta penggubahan wang haram.The SAC has also resolved that investment and trading of Digital Assets that fulfil the above requirements and which are traded on Digital Asset Exchange (DAX) registered with SC are permissible.Third: In light of the above and given the significant risks associated with this type of currencies and the instability of their transactions, the Council of the Academy recommends pursuing research and studies on issues affecting its ruling.Bitcoin is a digital currency that does not meet the legal and Sharia criteria that make it a currency subject to the rulings of dealing with official legal currencies recognized internationally.بناءً على ذلك: فلا يجوز شرعًا تداول عملة "البتكوين" والتعامل من خلالها بالبيعِ والشراءِ والإجارةِ وغيرها، بل يُمنع من الاشتراكِ فيها؛ لعدمِ اعتبارِها كوسيطٍ مقبولٍ للتبادلِ من الجهاتِ المخُتصَّةِ، ولِمَا تشتمل عليه من الضررِ الناشئ عن الغررِ والجهالةِ والغشِّ في مَصْرِفها ومِعْيارها وقِيمتها، فضلًا عما تؤدي إليه ممارستُها من مخاطرَ عاليةٍ على الأفراد والدول.According to research and opinion of experts so far, cryptocurrency is not considered ‘ maal ’ (wealth) in Sharia.Muhammadiyah memandang transaksi dan investasi kripto pada dasarnya mubah (boleh) tetapi dengan syarat tertentu.The opinion on this is the same as doing the same with any halal assets such as shares – 1) is permissible, 2) is more debatable and there are differing opinions on short-term trading.Our current position is 'tawaquf'; we can't say it is halal or haram, but we say it is better not to engage in itAs I mentioned at the beginning of this article it is not necessary to substantiate the permissibility of something as long as there are no prohibited factors involved in it or surrounding it.AI-assisted analysis checked against sources. Not a fatwa or investment advice.
Where it trades
Section in preparation
Similar halal assets
Halal verdict, same category
