The memo
REJECTED. ~$7.1B, the single largest protocol in the survey with no memo, and it takes about a minute to resolve: WBETH is an exchange IOU. Binance holds the staked ETH. The token is a claim on a centralised exchange, wrapped so that it moves on-chain and therefore appears in DeFi dashboards alongside genuinely non-custodial assets. Every sovereignty property a client is paying us to protect is absent. If a client wants exchange-custodied staking they do not need an advisor, and they certainly should not be sold it as a DeFi position.
What would reopen the file
- n/a — rejected
Facts on file
- Verdict
- Rejected
- Exposure
- ETH staking
- Chains examined
- Ethereum, BSC
- Memo version
- v1
- Reviewed
- Next review