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Solana’s Marinade Finance Acts Swiftly to Ensure FCA Compliance, Blocks UK Access

Marinade Finance, the largest decentralized finance (DeFi) protocol on the Solana blockchain, has taken measures to block users in the United Kingdom from accessing its platform due to “compliance concerns.” These concerns are specifically linked to recently introduced regulations by the UK’s financial regulator, the Financial Conduct Authority (FCA). Users attempting to access Marinade Finance’s website from the UK are greeted with a warning message explaining the unavailability of access due to compliance concerns related to regulations from the FCA. The message also provides information on actions users in the UK can still take, such as withdrawing liquidity, claiming delayed tickets, or delaying unstake via the platform’s SDK.

Currently, Marinade Finance holds the highest total value locked (TVL) on the Solana blockchain, amounting to $266 million across its diverse staking products. In comparison, the entire Solana blockchain has around $370 million in assets, as indicated by data from the DeFi tracking site DefiLlama.

In response to promotion rules

While Marinade Finance has not provided an official statement, the decision to block access for users in the UK is believed to be a response to the Financial Conduct Authority’s (FCA) new rules governing the promotion of crypto-related products or services. The new regulations, which came into effect on October 8, include prohibitions on incentives such as free non-fungible tokens (NFTs) and airdrops for users, common strategies employed by decentralized exchanges (DEXs). In addition to Marinade Finance, Orca Finance, Solana’s largest DEX, has also implemented geo-blocking for UK users in response to these regulations. Major crypto firms like Binance and OKX have already taken measures to comply with the new rules, including launching dedicated domains for British users.

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Cryptocurrency is essentially virtual money that operates in a decentralized manner, not through a bank but directly on multiple independent computers.

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