Largest DeFi protocol on Solana reportedly quits UK market citing FCA rule

Marinade Finance, the largest decentralized finance (DeFi) protocol running on the Solana blockchain, has reportedly started blocking users from the United Kingdom. U.K. customers discovered the problem on Oct. 23. While trying to access Marinade’s website from a local IP, one encounters the block page with a message:

“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.”

Marinade Finance has around 75,000 users and holds a total value of $241 million, which accounts for 70% of all the funds locked on the Solana blockchain. 

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While the message from Marinade doesn’t specify the rules, the protocol isn’t the first to quit the British market in recent months. On Oct. 16, crypto exchange Binance stopped accepting users from the U.K., citing certification issues with its local business partner. PayPal has also halted crypto transactions for its U.K. customers, as did Bybit in late September.

On Oct. 8, the U.K. Financial Conduct Authority (FCA) introduced the Financial Promotions (FinProm) Regime for cryptocurrency companies to promote “fair, clean and transparent” advertising in the crypto industry. Some companies, including OKX and MoonPay, have already announced they plan to comply with the FCA rules.

Cointelegraph contacted Marinade Finance for further information but didn’t get an immediate response.

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