# Why Ketju rejected BitFi Basis

- URL: https://riadefi.com/rejections/bitfi-basis/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-09-19

## The memo

REJECTED ON TOTAL ELIGIBILITY OPACITY. BitFi issues bfBTC and bfUSD, yield-bearing tokens backed by delta-neutral basis trading — the same funding-rate and basis-spread risk model this registry has already evaluated for Ethena USDe and Solstice, both researched elsewhere in this registry. No legal entity name, incorporation jurisdiction, or general Terms of Service could be found anywhere for the core yield product — every standard terms path on both the product and docs domains returned not-found errors. The only eligibility disclosure this review located applies to a separate 2026 token sale, which explicitly excludes United States participants; whether that same exclusion applies to the yield product itself could not be confirmed either way. Custody runs through the identical Ceffu MirrorX chain already found in this registry's rejected BounceBit CeDeFi Yield entry, with hedging positions ultimately sitting on Binance.

## What would reopen the file

- A named legal entity, incorporation jurisdiction, and general Terms of Service for the yield product are published
- Eligibility for this registry's target client population is affirmatively confirmed, not inferred from an absence of stated restriction
- Named hedging venues beyond Binance and admin multisig composition are disclosed
- Explicit risk disclosure addressing sustained negative-funding-rate stress periods is published

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
Machine-readable index: https://riadefi.com/llms.txt · Content API: https://riadefi.com/content.json