Posted 10/24/2023, 11:37:30 AM
Marinade Finance Blocks UK Users, Citing Compliance With New FCA Crypto Rules
- Marinade Finance, largest DeFi protocol on Solana, has reportedly blocked UK users due to FCA rules
- Protocol has $265M total value locked, 70% of all funds on Solana blockchain
- Marinade has 75,000 users; message cites "compliance concerns" about FCA regulations
- Marinade not the first to quit UK market recently; Binance, PayPal also halted services
- FCA introduced new crypto advertising rules on Oct. 8 under Financial Promotions Regime
- Some firms plan to comply with FCA crypto rules, while others like Marinade exiting market