Solana's Largest Defi Protocol Marinade Starts Blocking UK Users

Marinade and Orca Finance have both blocked U.K. users over "compliance concerns."

AccessTimeIconOct 23, 2023 at 12:58 p.m. UTC

Solana's largest decentralized finance (DeFi) protocol, Marinade Finance, has blocked users in the United Kingdom from accessing the site due to "compliance concerns" over Financial Conduct Authority (FCA) regulations.

The landing page for users in the U.K. displays a warning message, although it states "users may withdraw liquidity, claim delayed tickets or delay unstake via our SDK."

  • NEAR Launches Multichain Access
    NEAR Launches Multichain Access
  • How NEAR Enables Multichain Access From One Account
    How NEAR Enables Multichain Access From One Account
  • Three Crypto Predictions in 2024
    Three Crypto Predictions in 2024
  • Crypto Market Leaders and Laggards in 2023
    Crypto Market Leaders and Laggards in 2023
  • Marinade is responsible for most of the total value locked (TVL) on the Solana blockchain, with $248 million spread across native and liquid staking products. The amount of assets across the entire Solana blockchain stands at around $350 million, according to DefiLlama.

    Marinade currently offers annual yields of 8.15% for native staking and 7.7% for liquid staking, with native staking being rolled out earlier this year.

    Orca Finance, Solana's largest decentralized exchange, added geo-blocking for U.K. users. The restrictions against U.K. users appear to be in response to the FCA's new promotions rules, which restrict the marketing of crypto-related products or services.

    Centralized crypto businesses like Bybit and Paypal have withdrawn from the U.K. market whilst Binance has temporarily paused new U.K. sign-ups following the release of the FCA's promotions rule. Luno also blocked some customers from investing in crypto.

    But geo-restrictions are rare for decentralized protocols, most of which do not require know-your-customer (KYC) checks.

    Marinade Finance did not immediately respond to CoinDesk's request for comment.

    Edited by Parikshit Mishra.


    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; 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.

    Oliver Knight

    Oliver Knight is a CoinDesk reporter based between London and Lisbon. He does not own any crypto.

    Read more about