Summary
Ketju does not approve BounceBit CeDeFi Yield: its Terms of Use name the United States as a restricted territory, and its "restaking" label describes a custodial trading strategy. Deposited BTC and stablecoins leave the user’s control and go into custody at Ceffu. Ceffu mirrors the assets to exchanges, without depositing them there, for funding-rate arbitrage that named third-party asset managers run. A rebasing on-chain token represents the claim. That is more centralized than Babylon Protocol’s non-custodial staking through Bitcoin script, which Ketju also does not approve. Advisors should not take BounceBit’s "restaking" label at face value. Redemption follows hedge-fund terms: a 28-day lockup after the first subscription, then weekly batch redemptions every Thursday. That is much slower than typical DeFi withdrawals.
Review triggers
- BounceBit opens an offering that US clients of US advisors may buy
- Ceffu publishes its specific custodian or VASP license, and Ketju confirms it
- The BVI investment business license is verified against a public registry
- BounceBit changes its marketing to stop calling its CeFi custody and basis-trading product "restaking"
Facts
- Verdict
- Not approved
- Type
- Other
- Chains examined
- BounceBit, BSC, Ethereum, Solana, Base
- Reviewed
- Last confirmed