Marinade Finance, Solana's prominent decentralized finance (DeFi) protocol, has implemented restrictions for users in the United Kingdom, preventing their access to the platform due to "compliance concerns" related to Financial Conduct Authority (FCA) regulations.
Upon visiting the website, users from the UK are greeted with a warning message. However, the message also assures users that they still have the ability to withdraw liquidity, claim outstanding tickets, or delay the unstaking process through the use of the platform's SDK.
Marinade has emerged as the predominant contributor to the Total Value Locked (TVL) on the Solana blockchain, boasting a total of $248 million distributed across its native and liquid staking offerings. In the broader context of the Solana blockchain ecosystem, the cumulative value of assets currently hovers at approximately $350 million, as reported by DefiLlama.
Marinade presently offers annual yields of 8.15% for native staking and 7.7% for liquid staking, with native staking having been introduced earlier this year.
Orca Finance, the largest decentralized exchange on the Solana network, has implemented geo-blocking measures affecting users in the United Kingdom. These restrictions seem to be a response to the Financial Conduct Authority's (FCA) recent regulations concerning the promotion of crypto-related products and services.
In contrast to centralized crypto companies like Bybit and Paypal, which have exited the U.K. market, and Binance, which has temporarily halted new sign-ups in response to the FCA's promotional rules, decentralized protocols typically do not require know-your-customer (KYC) checks. Consequently, geo-restrictions are uncommon within the realm of decentralized protocols.
