# Why Ketju rejected Figure Markets Exchange

- URL: https://riadefi.com/rejections/figure-markets-exchange/
- Exposure: other
- Memo version: v1
- Reviewed: 2026-08-19
- Next review: 2026-11-19

## The memo

REJECTED. The worklist item is a centralized, KYC-gated exchange account and OTC marketplace, not an on-chain asset or passive protocol position. Figure Payments controls eligibility, custody workflow, order acceptance, account access, and withdrawal processing under amendable terms; New York residents are expressly ineligible. Figure's regulated US posture is a positive relative to offshore exchanges, but an advisor should evaluate it as a named access/custody provider, not treat its reported $1.71B marketplace balance as investable protocol TVL.

## What would reopen the file

- Ketju publishes a named Figure custody/access-provider profile covering segregation, insolvency, insurance, subcustody, and exit tests
- The exact client state and product are eligible under current Figure terms and licenses
- A proposed-size cash and crypto withdrawal completes within the provider profile's stated service level

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Published by Ketju Research (https://ketjuresearch.com). Educational analysis only; not legal, tax, compliance, or investment advice.
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