If the token is already in my wallet, what determines whether I can use it?
I used to think that once an asset was in my wallet, the main question was simply whether I controlled it.
But bStocks made me separate two things.
I can withdraw a bStock to a compatible BNB Smart Chain wallet and hold it in self-custody.
But holding the token doesn't automatically mean every application can let me use it.
Third-party platforms and DeFi protocols integrating bStocks are responsible for enforcing geographic restrictions.
Binance also provides a country-eligibility endpoint that integrations can use to check whether a user is eligible in a particular jurisdiction.
So there are two different questions:
Do I control the wallet?
and
Am I eligible to use the product here?
That's the distinction I find interesting.
Self-custody changes where I hold the asset.
It doesn't automatically change where the product can be used.
So instead of asking only:
“Is the token in my wallet?”
I'd also ask:
“What determines whether I can actually use it?”
For me:
Wallet control ≠ product eligibility.
#bstockscis @BinanceCIS
I used to think that once an asset was in my wallet, the main question was simply whether I controlled it.
But bStocks made me separate two things.
I can withdraw a bStock to a compatible BNB Smart Chain wallet and hold it in self-custody.
But holding the token doesn't automatically mean every application can let me use it.
Third-party platforms and DeFi protocols integrating bStocks are responsible for enforcing geographic restrictions.
Binance also provides a country-eligibility endpoint that integrations can use to check whether a user is eligible in a particular jurisdiction.
So there are two different questions:
Do I control the wallet?
and
Am I eligible to use the product here?
That's the distinction I find interesting.
Self-custody changes where I hold the asset.
It doesn't automatically change where the product can be used.
So instead of asking only:
“Is the token in my wallet?”
I'd also ask:
“What determines whether I can actually use it?”
For me:
Wallet control ≠ product eligibility.
#bstockscis @BinanceCIS
