Crypto Exchange Orca to Block U.S. Traders From Website

The top decentralized exchange on Solana will restrict U.S. trading activity on orca.so beginning on March 31.

AccessTimeIconMar 16, 2023 at 4:53 p.m. UTC
Updated May 9, 2023 at 4:10 a.m. UTC
10 Years of Decentralizing the Future
May 29-31, 2024 - Austin, TexasThe biggest and most established global hub for everything crypto, blockchain and Web3.Register Now

Decentralized crypto exchange Orca will restrict U.S. users from trading coins via the front end of its website beginning on March 31, a blow to accessibility for the Solana blockchain’s top DEX.

In a notice published to its website Thursday, Orca said it is “adding the United States to the regions and countries which are restricted from trading on orca.so,” its website The notice didn't provide a reason for the move or why it was coming now. Orca co-founder Grace Kwan didn't immediately respond to a request for comment.

  • What Challenges Do Appchains Solve?
    00:59
    What Challenges Do Appchains Solve?
  • Appchain Protocol Tanssi Raises $6M
    18:57
    Appchain Protocol Tanssi Raises $6M
  • Breaking Down Internet Computer's 40% Rally
    00:59
    Breaking Down Internet Computer's 40% Rally
  • HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
    02:14
    HSBC Brings Tokenized Gold to Hong Kong; Munchables Exploited for $62M
  • The policy change won't affect traders who directly use Orca’s smart contracts – the infrastructure executing token swaps on-chain. That may provide some reprieve for trading volume because much of Orca’s order flow comes via Jupiter, a trade aggregator that plugs into Orca's back end.

    Orca had $280 million in trading volume over the last week, according to DefiLlama. That was nearly three times more than the trading volume on Raydium, Solana’s second-most popular decentralized-finance trading venue.

    Orca keeps trades flowing by pooling token liquidity from its users. They loan their assets to the exchange and get a slice of fee revenue in return. The new restrictions don't apply to U.S.-based liquidity providers, according to the notice.

    Disclosure

    Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

    CoinDesk is an award-winning media outlet that covers the cryptocurrency industry. Its journalists abide by a strict set of editorial policies. In November 2023, CoinDesk was acquired by the Bullish group, owner of Bullish, a regulated, digital assets exchange. The Bullish group is majority-owned by Block.one; both companies have interests in a variety of blockchain and digital asset businesses and significant holdings of digital assets, including bitcoin. CoinDesk operates as an independent subsidiary with an editorial committee to protect journalistic independence. CoinDesk employees, including journalists, may receive options in the Bullish group as part of their compensation.

    Danny Nelson

    Danny is CoinDesk's Managing Editor for Data & Tokens. He owns BTC, ETH and SOL.


    Learn more about Consensus 2024, CoinDesk's longest-running and most influential event that brings together all sides of crypto, blockchain and Web3. Head to consensus.coindesk.com to register and buy your pass now.