Marinade Finance Blocks Users from the United Kingdom
Marinade Finance, the leading decentralized finance (DeFi) protocol on the Solana blockchain, has taken the decision to block users from the United Kingdom. This move was discovered by U.K. customers on October 23 when they attempted to access Marinade’s website using local IP addresses.
“Access to this site is unavailable in the United Kingdom due to compliance concerns relating to rules and regulations promulgated by the U.K. Finance [sic] Conduct Authority. Users may withdraw liquidity, claim delayed tickets, or delay unstake via our SDK.”
As of now, Marinade Finance boasts approximately 75,000 users and over $265 million in total value locked, making up 70% of all funds locked on the Solana blockchain.
A Growing Trend of Exiting the U.K. Market
While Marinade’s message does not explicitly state the specific rules causing this action, it is not the only platform recently exiting the U.K. market. Binance, a popular crypto exchange, stopped accepting users from the U.K. on October 16 due to certification issues with its local business partner. PayPal and Bybit have also suspended crypto transactions for their U.K. customers.
The U.K.’s Financial Conduct Authority (FCA) implemented the Financial Promotions (FinProm) Regime on October 8 to ensure fair and transparent advertising in the cryptocurrency industry. Some companies, such as OKX and MoonPay, have already announced their intention to comply with these FCA rules.
Hot Take: Marinade Finance Joins Others in Blocking U.K. Users
Marinade Finance’s decision to block users from the United Kingdom aligns with a growing trend of platforms exiting the U.K. market. Compliance concerns and regulatory changes, such as the FCA’s FinProm Regime, have prompted several crypto exchanges and service providers to suspend operations in the country. While the specific reasons behind Marinade Finance’s action are not disclosed, it highlights the challenges faced by crypto businesses in navigating regulatory environments. As the industry continues to evolve, companies will need to adapt and ensure compliance with local regulations to maintain their operations.
Sources: Twitter
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