Marinade Finance, the largest DeFi protocol on the Solana network, has restricted access to the platform for UK-based users due to “compliance issues” with the rules of the FCA.
Attempting to access the DeFi protocol’s website from the relevant IP triggers an error message with a warning.
The developers warned that “users can withdraw liquidity, close positions, or delay withdrawals from staking via the SDK.” For more information, project representatives asked that inquiries be sent by email.
According to DeFi Llama data, Marinade’s total value locked (TVL) is $245.39 million. The overall Solana TVL stands at $349.33 million.
The largest decentralized exchange on Solana—Orca Finance—has also implemented geoblocking for the United Kingdom. Orca’s TVL exceeds $49 million.
The site issues a message almost identical to Marinade’s. To exit open positions and withdraw liquidity, the platform team has created a dedicated tool.
On October 8 in the United Kingdom, began to take effect a new regime for cryptocurrency advertising. The FCA began labeling companies that do not comply with the rules.
Under the new rules, anyone wishing to promote digital assets must be “authorised or registered by the FCA, or their campaign must be approved by an authorised firm.”
Non-compliance is treated as a criminal offence and carries “an unlimited fine and/or imprisonment of up to two years.”
As reported, in light of the new rules for promoting digital assets, Bybit announced its exit from the UK market.
Later the FCA restricted the operations of Binance’s partner in the United Kingdom — Rebuilding Society.