2023-10-24 15:11:33
According to the latest news, Solana’s largest defi protocol, Marinade Finance, has banned its UK users from accessing its site. The reasons can be related to compliance with the country’s regulatory framework. Brits Can’t Access Solana’s Largest Defi Protocol Marinade Finance, Solana’s largest decentralized finance (defi) protocol, has recently decided to block its UK users from accessing its platform. The reason behind the drastic decision is that the protocol does not meet the requirements of the British regulator Financial Conduct Authority (FCA). Users visiting the site from the UK are currently seeing a warning message: “Users can withdraw funds, delay tickets or delay unlocking stakes through our SDK.” Marinade Finance’s action follows that of Orca Finance. Solana’s largest decentralized exchange (dex) also applies geo-blocking to its British users. At the time of writing, Marinade Finance boasts the largest Total Locked Value (TVL) on the Solana blockchain. Its various native and liquid stake products currently stand at $248 million. According to DefiLlama, activity on Solana’s blockchain is approaching $366 million. Our related article: What caused Solana’s 26% price increase? In addition to Solana’s largest defi protocol, other companies have also decided to block their UK users. The move might be in response to the FCA’s new rule banning the marketing of cryptocurrency-related products and services. Marinade Finance and Orca Finance join the line that starts with the ByBit crypto exchange. The latter announced in September that it was suspending its crypto activities in the country, as it was not included in the FCA’s crypto registry. The world’s largest crypto exchange, Binance, has also decided not to allow UK users to create new accounts on its platform as part of compliance with the new regulations. JP Morgan Chase Bank is also hostile to the British crypto industry At the end of September, the commercial bank JP Morgan also announced that it would introduce a ban on crypto payments for its British users. The bank will not even authorize payments that are suspected of being related to cryptocurrencies. However, unlike other firms, Chase Bank did not make this decision solely as part of compliance with the FCA. Their purpose is primarily to “keep” people’s assets safe. JP Morgan supports its distance from cryptocurrencies by the recent increase in the number of crypto-frauds once morest UK residents.
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