Marinade Finance, the biggest decentralized finance (DeFi) system on Solana, has stopped people in the UK from using their site. They did this because they were worried about following the rules set by the Financial Conduct Authority (FCA).
U.K. The landing page for users in the U.S. displays a warning message, however, stating, “Users can withdraw liquidity, claim deferred tickets, or delay stake withdrawals through our SDK.”
Marinade Finance holds most of the money on the Solana blockchain, totaling $248 million in native and liquid staking products. According to DeFillama, the amount of assets in the entire Solana blockchain is approximately $350 million.
Marinade currently offers an annual yield of 8.15% for the native stake and 7.7% for the liquid stake, with the native stake having been launched earlier this year.
Orca Finance, the largest decentralized exchange of Solana, has launched a U.K. Added geo-blocking for users. U.K. The sanctions against users appear to be in response to the FCA’s new promotion rules, which restrict the marketing of crypto-related products or services.
Centralized crypto businesses like Bybit and PayPal are based in the U.K. and have withdrawn from the market, while Binance has temporarily launched new U.K. trading following the release of the FCA’s promotion rules. Sign-up has been paused. Luno also blocked some customers from investing in crypto.
However, geo-restrictions are rare for decentralized protocols, most of which do not require Know Your Customer (KYC) checks.