Solana’s Famous Marinade Finance Blocked in the UK: Compliance on the Menu

UK Users Blocked by Top Defi Platform Marinade on Solana Network

Solana’s top Defi protocol, Marinade, blocks UK users.

If you’re a digital asset investor in the United Kingdom, you might be feeling a little left out right now. You see, Solana’s largest decentralized finance (DeFi) protocol, Marinade Finance, has just slapped a “no entry” sign on its doors for UK users. And no, it’s not a case of “Sorry, we’re full.” It’s all because of those pesky Financial Conduct Authority (FCA) regulations.

Picture this: you’re a hungry investor, eagerly searching for the juiciest investment opportunities. But as soon as you land on Marinade Finance’s site, you’re greeted with a warning message. Talk about a sour taste in your mouth. However, don’t despair just yet. The message does throw you a bone, stating that you can still withdraw liquidity, claim delayed tickets, or even delay your unstake via their Software Development Kit (SDK). Cheers to that.

Now, here’s the meaty part. Marinade Finance is the heavyweight champion when it comes to the total value locked (TVL) on the Solana blockchain. With a whopping $248 million spread across their native and liquid staking products, they’ve got the competition beat. In fact, the entire Solana blockchain boasts around $350 million in assets. Impressive, right?

But let’s dig deeper into the flavors Marinade Finance offers. We’re talking about annual yields of 8.15% for native staking and 7.7% for liquid staking. It’s like sinking your teeth into a juicy steak cooked to perfection. And don’t worry if you think you’ve missed out on this feast. Native staking was rolled out earlier this year, so there’s still plenty of time to feast your eyes on those sweet returns.

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But wait, there’s more! Solana’s largest decentralized exchange, Orca Finance, has also joined the party by adding geo-blocking for UK users. It’s like they’re shutting down the kitchen just as you’re about to order. But why? Well, it turns out that this move is a response to the FCA’s new promotions rules. The FCA wants to restrict the marketing of crypto-related products or services. Looks like the FCA is on a diet, trying to cut back on the crypto hype.

Now, if you think this is just a U.K. thing, think again. Centralized crypto businesses like Bybit and Paypal have already thrown in the towel and withdrawn from the U.K. market. Even Binance, the big player in the crypto world, had to hit the pause button on new sign-ups from the UK. It’s like they’ve all hit a dead end in the crypto map and are scrambling to find a detour. Luno also decided to block some customers from investing in crypto. It’s a real crypto party pooper situation.

But here’s the twist. Geo-restrictions are pretty unusual for decentralized protocols. They usually thrive on their inclusivity, not caring about your identification papers and KYC checks. It’s like they’re the neighborhood block party that wants everyone to join in on the fun, no ID required. So Marinade Finance’s move has definitely raised some eyebrows in the crypto community.

Now, don’t you worry, Curious Crypto Investor (CCI for short). We did our best to get a comment from Marinade Finance, but they were too busy marinating their thoughts and didn’t respond to CoinDesk’s request. But hey, we’ll keep an eye out for any spicy updates. In the meantime, keep those investment juices flowing and dive into the delicious world of DeFi…just maybe not with Marinade Finance if you’re in the UK for now.

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