The retail band is now per-venue, and every number moved

$12.83M

Week of Aug 10, restated

published as $11.32M

17

Venues in coverage

up from 14

10

Venues with the band off

tagged retail_only

3

Venues where it stays on

split under review or shared rail

We have changed how the retail size band is applied, and it has moved every number we publish.

The week of 10 August now reads $12.83M against the $11.32M we published on 17 August — a 13.3% upward restatement. Every prior week moved similarly. This is the largest restatement we have had to report.

What was wrong

Our retail classification engine sorts depositing addresses by size. Tier 1, Tier 2 and Retail Whale count as retail. Large Whale and Business do not.

It exists for a specific job: a venue like Quidax runs consumer accounts and business accounts through overlapping infrastructure, so measuring "retail" there means separating a large individual from a small company. The size band is how you do that when the addresses look identical.

We were applying it everywhere. That is wrong for a venue that only serves individuals.

A large depositor at Azza is still a person. Azza is a WhatsApp off-ramp — there is no business book to strip out, so applying the band did not remove business flow. It removed Azza's biggest customers.

What changed

The band is now gated per venue, by a deposit_split tag you can see on the coverage page:

• retail_only — band off. Ten venues, including Azza, Spenda, Breet, Roqqu and Daya Pro. Every verified address counts.
• under_review — band on, and a business book is being measured. Quidax, Busha, Chipper. Their retail figures may restate again when that work lands.
• not_separable — band on, and business and personal genuinely share the same rails so they cannot be separated. Accrue, Grey Finance, Onboard. Retail here is the size band, and it may include business flow.

The last two carry a badge on the coverage page. retail_only does not, because a marker on ten of seventeen venues is noise rather than information.

What did not change

Every verification filter still applies to every venue. Verified tiers only, at least one deposit, not a named exchange or OTC or B2B wallet, not one of the venue's own operational wallets.

Those checks sit upstream of the new gate deliberately. It means the pure-retail venues stay usable as a control group — we can still ask what the engine would have said about Azza, which is the only way to know whether switching it off was reasonable.

The honest cost

This makes our headline number larger, which is the direction that invites suspicion. So, plainly: the change was made because applying a business filter to venues with no business is a measurement error, and we would have had to make it whichever way the number moved.

The offsetting discipline is that three venues now carry a public badge saying their retail figure is qualified, and one of those says outright that it may include business flow. That is a worse-looking coverage page and a more honest one.

Prior published figures were correct on the basis stated at the time. They are not on the same basis as today's, and the difference is documented here rather than left for someone to find.