Solana DeFi protocol Marinade Finance restricts UK access following new FCA rules Solana DeFi protocol Marinade Finance restricts UK access following new FCA rules
Several crypto firms and protocols have left the U.K. due to their inability to adapt to the new regulations.
1 min read
Updated: Oct. 24, 2023 at 4:13 pm UTC
Cover art/illustration via CryptoSlate. Image includes combined content which may include AI-generated content.
Solana-based decentralized finance (DeFi) protocol Marinade Finance has blocked users from the United Kingdom in compliance with the new Financial Conduct Authority (FCA) regulations.
CryptoSlate attempted to access the website from a U.K. IP address and received the following response:
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 is a staking solution designed for the Solana network. The protocol has around 75,000 users, with the total value of assets locked on it valued at $241 million. This makes it the largest DeFi protocol on Solana, contributing nearly 70% of the total value of assets locked on the blockchain network, according to DeFillama data.
FCA rules draw action from crypto companies
The FCA introduced new regulations earlier in the year that govern the promotion of crypto products in the region. The financial regulatory body had emphatically pledged strict enforcement, accompanied by the threat of penalties that included up to two years of imprisonment, unlimited fines, or a combination of both. These regulations officially came into effect on October 8th.
Consequently, several crypto companies have taken steps to either adapt to these rules or announce their departure from the country.
Crypto companies like Bybit and PayPal have exited the market, while OKX has restructured its operations to conform with the new regulations. On the other hand, other major crypto companies, Binance, PayPal, and ByBit, have chosen to exit the jurisdiction, citing the new regulations.
In addition to these measures, the regulator published a list of over 100 unauthorized crypto companies operating within its jurisdiction, including prominent crypto exchanges like HTX and KuCoin.
Mentioned in this article
Author 
Oluwapelumi Adejumo
Oluwapelumi values Bitcoin's potential. He imparts insights on a range of topics like DeFi, hacks, mining and culture, underlining transformative power.
Latest UK Stories
Latest Solana Stories
Featured Story
Advertise Here
In this article
Solana is a high-performance blockchain platform that utilizes a unique consensus algorithm called “Proof of History” to achieve fast transaction speeds and low fees.
Binance
Binance is a global cryptocurrency exchange that provides a platform for trading more than 100 cryptocurrencies.
OKX
OKX is a world-leading digital asset exchange, providing advanced financial services to global traders by using blockchain technology.
Bybit
Bybit is a cryptocurrency derivative trading platform established in March 2018 and registered in the BVI.
PayPal
PayPal is an American multinational financial technology firm that operates an online payment system in most countries that permits online money transfers and serves as an electronic replacement for conventional paper methods like checks and money orders.
HTX
Huobi, a virtual asset exchange, launched a revised branding strategy on September 13, 2023, where “Huobi” will be rebranded as “HTX.” “H” stands for Huobi, “T” represents TRON with a commitment to being all in TRON, and “X” stands for the exchange.
KuCoin
KuCoin is a global cryptocurrency exchange for numerous digital assets and cryptocurrencies that launched in September 2017.