Marinade Finance Blocks UK Users, Leading DeFi Exodus From Britain
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Solana's largest DeFi protocol, Marinade Finance, has blocked UK users due to compliance concerns with FCA regulations.
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Marinade is responsible for most of Solana's $350M TVL, offering yields of 8.15% for native staking and 7.7% for liquid staking.
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Orca Finance, Solana's largest DEX, also added geo-blocking for UK users in response to new FCA promotions rules.
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Centralized crypto businesses like Bybit and PayPal have withdrawn from the UK market following the promotions rules.
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Geo-restrictions are rare for decentralized protocols that typically don't require KYC, but Marinade has blocked UK users over compliance concerns.