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Documentation Index

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CONFIDENTIAL & PROPRIETARY © 2026 Inkwell Finance, Inc. All Rights Reserved. This document is for informational purposes only and does not constitute legal, tax, or investment advice, nor an offer to sell or a solicitation to buy any security or other financial instrument. Any examples, structures, or flows described here are design intent only and may change.
A court issues a production order for the same trader’s activity. Who can comply, and what do they hand over?

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The compelled-process comparison

Lit CEX · Binance spotOTC desk · Dealer RFQDagon · Confidential matching
Parties compelledExchange compliance desk. One party.Dealer compliance desk. One party.Operator AND credential issuer. Two independent parties.
What is producedFull KYC packet + trade blotter + IP logs.Client file, quote history, trade ticket, chat transcripts.Session ↔ ephemeral-key mapping (operator) + credential ↔ PII (issuer). Joined: one specific user.
If one party refuses or is breachedEverything is already produced.Everything is already produced.Identity remains unresolvable. The two-party composition is load-bearing.
Real-time surveillanceYes. The exchange sees you.Yes. The dealer sees you.No. Operator sees ciphertext. Compelled process is post-facto, not live.

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The point

Privacy is math. Compliance is process.
Lit venues and OTC desks surrender everything the moment a court asks. Everything already sits as plaintext in their databases. That makes them legally compliant. It also lets an insider, a breach, or a rogue internal query expose a desk’s entire book. Dagon inverts the default. Nothing is plaintext in normal operation. The operator holds a map from session to ephemeral key. The credential issuer holds a map from credential to identity. Neither one alone can de-anonymize anyone. A court order, served on both, joins the maps and resolves one user’s activity. Everything else in the batch stays private.

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The encrypted-mail analogy

Think encrypted mail. The provider can respond to a warrant without being able to leak you to anyone else. The warrant produces what the warrant asked for; nothing more, because the provider doesn’t have anything more to produce. Dagon’s two-party composition is the same property applied to a trading venue. A warrant resolves the named user. The rest of the batch, the rest of the venue’s activity, and every other user’s identity remain cryptographically unresolvable.

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See also

Two-party composition

How the operator and credential issuer split identity between them — and why neither alone can name a trader.

Selective disclosure

The cryptographic mechanism that lets Dagon comply with targeted production orders without blanket data retention.