Research summary
We reject BTCB because it is a single-entity custodial claim on Bitcoin, not Bitcoin. Binance mints it 1:1 on BNB Smart Chain under an upgradeable-proxy contract that Binance itself controls, and redemption requires depositing BTCB into a Binance.com account rather than using a permissionless on-chain burn-and-claim process. One entity holds the reserve, controls upgrades to the token's logic, and serves as the only redemption gate. This is the same class of instrument that this registry rejects for CEX-issued liquid-staking tokens under the cex-wrapped-staking rule, applied here to Bitcoin instead of staked ETH or SOL. We identified no independent reserve attestation for BTCB specifically.
Observable review triggers
- Binance publishes an independently audited, real-time proof-of-reserves attestation for BTCB specifically, not an aggregate exchange figure
- A genuinely permissionless burn-and-release redemption path is demonstrated that does not require a Binance.com account
- The upgradeable-proxy admin key is transferred to a disclosed multisig with published signers, or the contract is demonstrated immutable
- No realized freeze or blacklist event against BTCB holders occurs for 12 consecutive months after blacklist capability, or its confirmed absence, is publicly disclosed
Facts on file
- Verdict
- Rejected
- Type
- Other
- Chains examined
- BSC
- Instruments
- BTCB
- Reviewed
- Last confirmed