Title: Solana’s DeFi Protocol Blocks UK Users in Response to Compliance Issues
Introduction:
In recent crypto news, Marinade Finance, Solana’s largest decentralized finance (DeFi) protocol, has blocked access to its site for users in the UK. This decision was made in response to compliance issues with the Financial Conduct Authority (FCA) regulations. The move follows similar actions taken by other crypto companies in the UK, such as Orca Finance and Bybit, due to new advertising rules that restrict the marketing of cryptocurrency-related products or services.
Compliance Issues with FCA Regulations:
Marinade Finance’s decision to block UK users from accessing its site is a result of compliance issues with the FCA regulations. The login page for UK users now displays a warning message, although it states that users can still withdraw cash, request delayed tickets, or delay unstake via the protocol’s SDK. This action mirrors the steps taken by Orca Finance, Solana’s largest decentralized exchange, which implemented geo-blocking for UK users.
Impact on Solana’s Blockchain:
Marinade Finance currently holds the largest total locked value (TVL) on Solana’s blockchain, with $248 million spread across native and liquid staking products. DefiLlama estimates the total activity on Solana’s blockchain to be around $366 million. The blockage of UK users from accessing the protocol’s site may have an impact on Solana’s overall activity and TVL, as it restricts a significant portion of potential users from participating in the ecosystem.
Advertising Restrictions and Crypto Companies:
The FCA’s new advertising rules that restrict the marketing of cryptocurrency-related products or services have prompted several crypto companies to block UK users. Marinade Finance and Orca Finance join the ranks of ByBit, which suspended operations in the UK after not being registered with the FCA’s crypto registry. Additionally, Binance, the world’s largest crypto exchange, has also stopped accepting new users from the UK to comply with the new regulations.
JP Morgan’s Chase Bank’s Ban on Crypto Payments:
In September, JP Morgan’s consumer bank, Chase Bank, announced a ban on crypto payments for UK customers. The bank stated that it would stop payments suspected to be crypto-related in an attempt to protect its customers from increasing fraud cases. Unlike other firms, Chase Bank’s decision is not solely based on compliance with FCA regulations but focuses on safeguarding customers’ funds.
Conclusion:
Solana’s largest DeFi protocol, Marinade Finance, has blocked access to its site for UK users due to compliance issues with the FCA regulations. This decision reflects the actions taken by other crypto companies in response to new advertising rules. The impact on Solana’s blockchain and the overall crypto market remains to be seen, as regulatory compliance continues to shape the industry..
#Solana #DeFi #protocol #blocks #users
Introduction:
In recent crypto news, Marinade Finance, Solana’s largest decentralized finance (DeFi) protocol, has blocked access to its site for users in the UK. This decision was made in response to compliance issues with the Financial Conduct Authority (FCA) regulations. The move follows similar actions taken by other crypto companies in the UK, such as Orca Finance and Bybit, due to new advertising rules that restrict the marketing of cryptocurrency-related products or services.
Compliance Issues with FCA Regulations:
Marinade Finance’s decision to block UK users from accessing its site is a result of compliance issues with the FCA regulations. The login page for UK users now displays a warning message, although it states that users can still withdraw cash, request delayed tickets, or delay unstake via the protocol’s SDK. This action mirrors the steps taken by Orca Finance, Solana’s largest decentralized exchange, which implemented geo-blocking for UK users.
Impact on Solana’s Blockchain:
Marinade Finance currently holds the largest total locked value (TVL) on Solana’s blockchain, with $248 million spread across native and liquid staking products. DefiLlama estimates the total activity on Solana’s blockchain to be around $366 million. The blockage of UK users from accessing the protocol’s site may have an impact on Solana’s overall activity and TVL, as it restricts a significant portion of potential users from participating in the ecosystem.
Advertising Restrictions and Crypto Companies:
The FCA’s new advertising rules that restrict the marketing of cryptocurrency-related products or services have prompted several crypto companies to block UK users. Marinade Finance and Orca Finance join the ranks of ByBit, which suspended operations in the UK after not being registered with the FCA’s crypto registry. Additionally, Binance, the world’s largest crypto exchange, has also stopped accepting new users from the UK to comply with the new regulations.
JP Morgan’s Chase Bank’s Ban on Crypto Payments:
In September, JP Morgan’s consumer bank, Chase Bank, announced a ban on crypto payments for UK customers. The bank stated that it would stop payments suspected to be crypto-related in an attempt to protect its customers from increasing fraud cases. Unlike other firms, Chase Bank’s decision is not solely based on compliance with FCA regulations but focuses on safeguarding customers’ funds.
Conclusion:
Solana’s largest DeFi protocol, Marinade Finance, has blocked access to its site for UK users due to compliance issues with the FCA regulations. This decision reflects the actions taken by other crypto companies in response to new advertising rules. The impact on Solana’s blockchain and the overall crypto market remains to be seen, as regulatory compliance continues to shape the industry..
#Solana #DeFi #protocol #blocks #users
