[racket] Syntax certificate question

A question for the syntax certificate connoisseurs out there.  The
program below produces the following error message:

  compile: access from an uncertified context to unexported variable
from module: "A" in: identity

Why is the reference to identity from within the module that binds it
illegal?  Is that syntax object somehow not certified correctly, or
does syntax-local-bind-syntaxes result in some illegal destructuring
of its input?  I imagine I can work around this by providing identity
so that the certificate system ignores it, but I'd like to at least
understand what's causing this error.

#lang racket/load

(module A racket
  (provide with-macro)
  (require (for-syntax racket/syntax syntax/parse))
  (define-for-syntax (identity x) x)
  (define-syntax with-macro
    (syntax-parser
      [(_ lhs:id rhs:expr e:expr)
       (define ctx (syntax-local-make-definition-context))
       (syntax-local-bind-syntaxes (list #'lhs) #'(identity rhs) ctx)
       (internal-definition-context-seal ctx)
       (internal-definition-context-apply ctx #'e)])))

(module B racket
  (require 'A (for-syntax syntax/parse))
  (with-macro thunk (syntax-parser [(_ e:expr) #'(lambda () e)])
    (thunk (printf "Boo!\n"))))