UK Users Shut Out From Solana-Based Marinade

Marinade Blocks UK Users

Solana’s leading decentralized finance protocol, Marinade Finance, has initiated the process of blocking UK users from accessing its platform. This decision arises from “compliance concerns” tied to the regulations of the Financial Conduct Authority (FCA). The United Kingdom’s regulatory landscape in the digital asset sector is undergoing significant changes, prompting companies to adjust to the new regulations to remain compliant. Marinade Finance, as the largest DeFi protocol on Solana, is now taking action.

Orca Finance Sets Precedent

Marinade Finance is not alone in taking this step. Orca Finance has also begun blocking access to users in the United Kingdom. Upon attempting to access the site, UK users are now met with a warning message.

However, they are not entirely cut off. As per the information available on the Marinade Finance landing page, UK users can still withdraw liquidity, claim delayed tickets, or delay unstaking using the SDK feature.

A Growing Trend

Marinade Finance’s move aligns with a broader trend of companies responding to regulatory changes in the UK. Prominent crypto businesses like Bybit and PayPal have withdrawn from the region in response to the FCA’s recently implemented promotional regulations. Luno has started blocking customer investments in cryptocurrencies, while Binance has halted accepting new UK customers.

Notably, the platforms mentioned earlier are centralized entities, making Marinade Finance’s decision unique. Decentralized platforms typically avoid geo-restrictions and do not require the same level of identity validation associated with know-your-customer (KYC) measures.

Could Be A Significant Blow

Marinade Finance is a staking solution designed for the Solana network. With over 75,000 users, the protocol boasts an impressive $248 million across its staking products, making it the Solana blockchain’s leader in total value locked (TVL). Since the Solana blockchain itself holds app

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Author: Amara Khatri

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