Largest DeFi Protocol, Marinade Finance, Under Solana Starts Blocking Users From the UK

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Last Updated on October 24, 2023 by Bitfinsider

Due to “compliance concerns” with Financial Conduct Authority (FCA) rules, Marinade Finance, Solana’s largest decentralized finance (DeFi) protocol, has prevented users from the UK from visiting the website.

Despite the fact that it says “users may withdraw liquidity, claim delayed tickets, or delay unstake via our SDK,” the landing page for users in the U.K. displays a warning alert.

The majority of the total value locked on the Solana blockchain is accounted for by Marinade, which has $248 million distributed among native and liquid staking products. According to DefiLlama, the total value of assets on the Solana blockchain is over $350 million.

With native staking having just been introduced this year, Marinade presently offers annual payouts of 8.15% for native staking and 7.7% for liquid staking.

The biggest decentralized exchange on Solana, Orca Finance, now blocks customers from the United Kingdom. The limits imposed on users in the United Kingdom appear to be in response to the FCA’s new promotion guidelines, which limit the selling of goods or services associated to cryptocurrencies.

Following the publication of the FCA’s promotions regulation, centralized crypto businesses like Bybit and Paypal withdrew from the U.K. market, while Binance briefly halted new U.K. sign-ups. Luno also prohibited some consumers from making cryptocurrency investments.

Geo-restrictions, however, are uncommon in decentralized protocols because the majority of them do not call for Know-Your-Customer (KYC) checks.

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