diff --git a/README.md b/README.md
index 37f1edf..4b7cdee 100644
--- a/README.md
+++ b/README.md
@@ -2,22 +2,25 @@
 
 ERC20 wrapper for COMP token that delegates voting power to another address.
 
-Set the required environment variable before deploying:
+Set the required environment variables before deploying:
+
+- `INITIAL_DELEGATEE`: address that receives COMP voting power delegated by the wrapper
+- `WHITELISTED_DEPOSITOR`: single address initially allowed to deposit/wrap COMP
 
 Deploy on Ethereum:
 
 ```
-INITIAL_DELEGATEE=0xDelegateeAddress pnpm deploy:dcomp:ethereum
+INITIAL_DELEGATEE=0xDelegateeAddress WHITELISTED_DEPOSITOR=0xDepositorAddress pnpm deploy:dcomp:ethereum
 ```
 
 Override initial owner:
 
 ```
-INITIAL_DELEGATEE=0xDelegateeAddress OWNER=0xOwnerAddress pnpm run deploy:dcomp:ethereum
+INITIAL_DELEGATEE=0xDelegateeAddress WHITELISTED_DEPOSITOR=0xDepositorAddress OWNER=0xOwnerAddress pnpm run deploy:dcomp:ethereum
 ```
 
 Deploy to a local mainnet fork (running on `localhost`) with:
 
 ```
-INITIAL_DELEGATEE=0xDelegateeAddress pnpm deploy:dcomp:localhost
+INITIAL_DELEGATEE=0xDelegateeAddress WHITELISTED_DEPOSITOR=0xDepositorAddress pnpm deploy:dcomp:localhost
 ```
diff --git a/contracts/DComp.sol b/contracts/DComp.sol
index a387c3c..29eeb93 100644
--- a/contracts/DComp.sol
+++ b/contracts/DComp.sol
@@ -18,18 +18,45 @@ contract DComp is ERC20Wrapper, Ownable2Step {
         0xc00e94Cb662C3520282E6f5717214004A7f26888;
     IComp internal immutable comp = IComp(COMP_ADDRESS);
 
+    /// @notice Tracks which addresses are allowed to deposit COMP.
+    /// @dev Withdrawals are never restricted by this whitelist, including when dCOMP is transferred,
+    /// when a depositor is later removed from the whitelist, or when COMP is deposited for another address via `depositFor`.
+    mapping(address => bool) public isDepositorWhitelisted;
+
+    /// @notice Emitted when an address whitelist status changes
+    /// @param account Address whose whitelist status changed
+    /// @param isWhitelisted New whitelist status
+    event DepositorWhitelistStatusUpdated(
+        address indexed account,
+        bool isWhitelisted
+    );
+
+    modifier onlyWhitelisted() {
+        require(
+            isDepositorWhitelisted[msg.sender],
+            "Caller is not whitelisted"
+        );
+        _;
+    }
+
     /// @notice Constructs the dCOMP wrapper
     /// @param initialOwner Address of the initial owner
     /// @param initialDelegatee Address of the initial delegatee for COMP voting power
+    /// @param whitelistedDepositors Initial addresses allowed to deposit COMP
     constructor(
         address initialOwner,
-        address initialDelegatee
+        address initialDelegatee,
+        address[] memory whitelistedDepositors
     )
         ERC20("dCOMP", "dCOMP")
         ERC20Wrapper(IERC20(COMP_ADDRESS))
         Ownable(initialOwner)
     {
         _setDelegatee(initialDelegatee);
+
+        for (uint256 i = 0; i < whitelistedDepositors.length; ++i) {
+            _setDepositorWhitelistStatus(whitelistedDepositors[i], true);
+        }
     }
 
     /// @notice Returns the current COMP delegatee for voting power held by this wrapper
@@ -38,10 +65,21 @@ contract DComp is ERC20Wrapper, Ownable2Step {
         return comp.delegates(address(this));
     }
 
+    /// @notice Wraps COMP tokens into dCOMP for a specific recipient at a 1:1 ratio
+    /// @param account Recipient of newly minted dCOMP
+    /// @param value Amount of COMP to deposit
+    /// @return success Whether wrapping succeeded
+    function depositFor(
+        address account,
+        uint256 value
+    ) public override onlyWhitelisted returns (bool) {
+        return super.depositFor(account, value);
+    }
+
     /// @notice Wraps COMP tokens for the caller at a 1:1 ratio
     /// @param value Amount of COMP to deposit
     /// @return success Whether wrapping succeeded
-    function deposit(uint256 value) external returns (bool) {
+    function deposit(uint256 value) external onlyWhitelisted returns (bool) {
         return depositFor(msg.sender, value);
     }
 
@@ -52,18 +90,47 @@ contract DComp is ERC20Wrapper, Ownable2Step {
         return withdrawTo(msg.sender, value);
     }
 
-    /**
-     * @notice Allows the owner to change who receives the aggregated voting power
-     * @param newDelegatee The new address to receive the COMP voting power
-     */
+    /// @notice Updates depositor whitelist
+    /// @param addresses Addresses whose whitelist status will be updated
+    /// @param isAddressWhitelisted New whitelist status for each corresponding address
+    function updateWhitelistedDepositors(
+        address[] calldata addresses,
+        bool[] calldata isAddressWhitelisted
+    ) external onlyOwner {
+        require(
+            addresses.length == isAddressWhitelisted.length,
+            "Mismatched array lengths"
+        );
+
+        for (uint256 i = 0; i < addresses.length; ++i) {
+            _setDepositorWhitelistStatus(addresses[i], isAddressWhitelisted[i]);
+        }
+    }
+
+    /// @notice Allows the owner to change who receives the aggregated voting power
+    /// @param newDelegatee The new address to receive the COMP voting power
     function setDelegatee(address newDelegatee) external onlyOwner {
         _setDelegatee(newDelegatee);
     }
 
-    /**
-     * @notice Updates delegated voting power recipient for COMP held by this wrapper
-     * @param newDelegatee New delegatee address
-     */
+    /// @notice Updates whitelist status for a depositor
+    /// @param account Address whose whitelist status is being updated
+    /// @param isWhitelisted New whitelist status for the address
+    function _setDepositorWhitelistStatus(
+        address account,
+        bool isWhitelisted
+    ) internal {
+        require(
+            isDepositorWhitelisted[account] != isWhitelisted,
+            "No change in whitelist status"
+        );
+
+        isDepositorWhitelisted[account] = isWhitelisted;
+        emit DepositorWhitelistStatusUpdated(account, isWhitelisted);
+    }
+
+    /// @notice Updates delegated voting power recipient for COMP held by this wrapper
+    /// @param newDelegatee New delegatee address
     function _setDelegatee(address newDelegatee) internal {
         comp.delegate(newDelegatee);
     }
diff --git a/deploy/001_deploy_dComp.ts b/deploy/001_deploy_dComp.ts
index c01afdd..a208faa 100644
--- a/deploy/001_deploy_dComp.ts
+++ b/deploy/001_deploy_dComp.ts
@@ -25,14 +25,18 @@ const deployDComp: DeployFunction = async ({ deployments, ethers, network, getUn
 
   const ownerAddress = process.env.OWNER ?? deployer;
   const initialDelegatee = process.env.INITIAL_DELEGATEE;
+  const whitelistedDepositor = process.env.WHITELISTED_DEPOSITOR;
 
   if (!initialDelegatee) {
     throw new Error('Set INITIAL_DELEGATEE in environment');
   }
+  if (!whitelistedDepositor) {
+    throw new Error('Set WHITELISTED_DEPOSITOR in environment');
+  }
 
   const deployment = await deployments.deploy('DComp', {
     from: deployer,
-    args: [ownerAddress, initialDelegatee],
+    args: [ownerAddress, initialDelegatee, [whitelistedDepositor]],
     log: true,
   });
 
@@ -41,10 +45,13 @@ const deployDComp: DeployFunction = async ({ deployments, ethers, network, getUn
   console.log(`dComp deployed at: ${deployment.address}`);
   console.log(`Owner: ${await dComp.owner()}`);
   console.log(`Initial delegatee: ${await dComp.delegatee()}`);
+  console.log(`Whitelisted depositor: ${whitelistedDepositor}`);
 
   if (network.name === 'ethereum') {
     console.log('Verify with:');
-    console.log(`pnpm hardhat verify --network ethereum ${deployment.address} "${ownerAddress}" "${initialDelegatee}"`);
+    console.log(
+      `pnpm hardhat verify --network ethereum ${deployment.address} "${ownerAddress}" "${initialDelegatee}" '["${whitelistedDepositor}"]'`
+    );
   }
 };
 
diff --git a/test/DComp.sol.ts b/test/DComp.sol.ts
index a27740a..459b3c6 100644
--- a/test/DComp.sol.ts
+++ b/test/DComp.sol.ts
@@ -25,7 +25,7 @@ async function deploy() {
   const mockComp = await ethers.getContractAt('MockComp', COMP_ADDRESS, roles.deployer);
 
   const dCompFactory = await ethers.getContractFactory('DComp', roles.deployer);
-  const dComp = await dCompFactory.deploy(roles.owner.address, roles.delegateeA.address);
+  const dComp = await dCompFactory.deploy(roles.owner.address, roles.delegateeA.address, [roles.user.address]);
 
   const mintedAmount = ethers.parseEther('100');
   await mockComp.mint(roles.user.address, mintedAmount);
@@ -47,10 +47,17 @@ describe('DComp', function () {
 
     it('reverts if owner is zero', async function () {
       const { roles, dCompFactory } = await helpers.loadFixture(deploy);
-      await expect(dCompFactory.deploy(ethers.ZeroAddress, roles.delegateeA.address))
+      await expect(dCompFactory.deploy(ethers.ZeroAddress, roles.delegateeA.address, []))
         .to.be.revertedWithCustomError(dCompFactory, 'OwnableInvalidOwner')
         .withArgs(ethers.ZeroAddress);
     });
+
+    it('seeds initial whitelisted depositors from constructor', async function () {
+      const { roles, dComp } = await helpers.loadFixture(deploy);
+
+      expect(await dComp.isDepositorWhitelisted(roles.user.address)).to.equal(true);
+      expect(await dComp.isDepositorWhitelisted(roles.otherUser.address)).to.equal(false);
+    });
   });
 
   describe('deposit/withdraw helpers', function () {
@@ -96,6 +103,115 @@ describe('DComp', function () {
       const { roles, dComp } = await helpers.loadFixture(deploy);
       await expect(dComp.connect(roles.user).withdraw(1)).to.be.reverted;
     });
+
+    it('reverts deposit for non-whitelisted caller', async function () {
+      const { roles, dComp, mockComp } = await helpers.loadFixture(deploy);
+      const amount = ethers.parseEther('1');
+
+      await mockComp.connect(roles.otherUser).approve(await dComp.getAddress(), amount);
+      await expect(dComp.connect(roles.otherUser).deposit(amount)).to.be.revertedWith('Caller is not whitelisted');
+      await expect(dComp.connect(roles.otherUser).depositFor(roles.otherUser.address, amount)).to.be.revertedWith(
+        'Caller is not whitelisted'
+      );
+    });
+
+    it('allows non-whitelisted user to withdraw funds', async function () {
+      const { roles, dComp, mockComp, mintedAmount } = await helpers.loadFixture(deploy);
+      const amount = ethers.parseEther('7');
+
+      await mockComp.connect(roles.user).approve(await dComp.getAddress(), amount);
+      await dComp.connect(roles.user).depositFor(roles.otherUser.address, amount);
+
+      expect(await dComp.isDepositorWhitelisted(roles.otherUser.address)).to.equal(false);
+      expect(await dComp.balanceOf(roles.otherUser.address)).to.equal(amount);
+
+      await expect(dComp.connect(roles.otherUser).withdraw(amount))
+        .to.emit(dComp, 'Transfer')
+        .withArgs(roles.otherUser.address, ethers.ZeroAddress, amount);
+
+      expect(await dComp.balanceOf(roles.otherUser.address)).to.equal(0);
+      expect(await mockComp.balanceOf(roles.otherUser.address)).to.equal(amount);
+      expect(await mockComp.balanceOf(roles.user.address)).to.equal(mintedAmount - amount);
+    });
+
+    it('allows user to withdraw after being removed from whitelist', async function () {
+      const { roles, dComp, mockComp, mintedAmount } = await helpers.loadFixture(deploy);
+      const amount = ethers.parseEther('9');
+
+      await mockComp.connect(roles.user).approve(await dComp.getAddress(), amount);
+      await dComp.connect(roles.user).deposit(amount);
+
+      await expect(dComp.connect(roles.owner).updateWhitelistedDepositors([roles.user.address], [false]))
+        .to.emit(dComp, 'DepositorWhitelistStatusUpdated')
+        .withArgs(roles.user.address, false);
+
+      expect(await dComp.isDepositorWhitelisted(roles.user.address)).to.equal(false);
+
+      await expect(dComp.connect(roles.user).withdraw(amount))
+        .to.emit(dComp, 'Transfer')
+        .withArgs(roles.user.address, ethers.ZeroAddress, amount);
+
+      expect(await dComp.balanceOf(roles.user.address)).to.equal(0);
+      expect(await mockComp.balanceOf(roles.user.address)).to.equal(mintedAmount);
+    });
+
+    it('allows non-whitelisted recipient to withdraw transferred dCOMP', async function () {
+      const { roles, dComp, mockComp, mintedAmount } = await helpers.loadFixture(deploy);
+      const amount = ethers.parseEther('11');
+
+      await mockComp.connect(roles.user).approve(await dComp.getAddress(), amount);
+      await dComp.connect(roles.user).deposit(amount);
+
+      await dComp.connect(roles.user).transfer(roles.otherUser.address, amount);
+      expect(await dComp.isDepositorWhitelisted(roles.otherUser.address)).to.equal(false);
+      expect(await dComp.balanceOf(roles.otherUser.address)).to.equal(amount);
+
+      await expect(dComp.connect(roles.otherUser).withdraw(amount))
+        .to.emit(dComp, 'Transfer')
+        .withArgs(roles.otherUser.address, ethers.ZeroAddress, amount);
+
+      expect(await dComp.balanceOf(roles.otherUser.address)).to.equal(0);
+      expect(await mockComp.balanceOf(roles.otherUser.address)).to.equal(amount);
+      expect(await mockComp.balanceOf(roles.user.address)).to.equal(mintedAmount - amount);
+    });
+  });
+
+  describe('depositor whitelist', function () {
+    it('owner updates whitelist and emits event on change', async function () {
+      const { roles, dComp } = await helpers.loadFixture(deploy);
+
+      expect(await dComp.isDepositorWhitelisted(roles.otherUser.address)).to.equal(false);
+
+      await expect(dComp.connect(roles.owner).updateWhitelistedDepositors([roles.otherUser.address], [true]))
+        .to.emit(dComp, 'DepositorWhitelistStatusUpdated')
+        .withArgs(roles.otherUser.address, true);
+
+      expect(await dComp.isDepositorWhitelisted(roles.otherUser.address)).to.equal(true);
+    });
+
+    it('reverts for no-op whitelist update', async function () {
+      const { roles, dComp } = await helpers.loadFixture(deploy);
+
+      await expect(
+        dComp.connect(roles.owner).updateWhitelistedDepositors([roles.user.address], [true])
+      ).to.be.revertedWith('No change in whitelist status');
+    });
+
+    it('reverts whitelist update from non-owner', async function () {
+      const { roles, dComp } = await helpers.loadFixture(deploy);
+
+      await expect(dComp.connect(roles.user).updateWhitelistedDepositors([roles.otherUser.address], [true]))
+        .to.be.revertedWithCustomError(dComp, 'OwnableUnauthorizedAccount')
+        .withArgs(roles.user.address);
+    });
+
+    it('reverts on mismatched whitelist update array lengths', async function () {
+      const { roles, dComp } = await helpers.loadFixture(deploy);
+
+      await expect(
+        dComp.connect(roles.owner).updateWhitelistedDepositors([roles.user.address], [true, false])
+      ).to.be.revertedWith('Mismatched array lengths');
+    });
   });
 
   describe('erc20Wrapper inherited paths', function () {