If a bStock lives on a public blockchain, what still controls whether a transfer is allowed?

At first, I assumed that a BEP-20 token on BNB Smart Chain would behave like any other on-chain asset:

wallet → transaction → transfer.

But bStocks add another layer.

You can withdraw a bStock to a compatible BNB Smart Chain wallet for self-custody.

Yet withdrawals are still subject to transfer restrictions, smart-contract controls, sanctions screening, and applicable law.

And there is an even more interesting detail:

The issuer reserves the right to blacklist wallet addresses in cases involving applicable laws, smart-contract controls, or sanctions.

So being on-chain doesn't mean all of the financial product's rules disappear.

The blockchain provides the rails.
The financial product still has rules.

Self-custody changes where I hold the token — not which rules apply to the product.

That distinction changed how I think about bStocks.

Instead of asking only:

“Is this token on-chain?”

I'd also ask:

“What still determines whether the transfer is allowed?”

#bstockscis @BinanceCIS