Marinade Finance Cuts Off UK Users Amid FCA Compliance Worries

Marinade Finance , the most significant DeFi platform on Solana, has restricted cut access for its UK user base, pointing to the concerns over FCA regulations. This action was motivated by the FCA's governing policies regarding crypto promotions, which could significantly influence the DeFi landscape. strict new rules Marinade Finance accounts for a large portion of the total value locked (TVL) on Solana, which stands at a remarkable $248 million. Nonetheless, UK users are presented with a cautionary message on the main page, although it reassures them that they can continue to withdraw their funds, claim pending tickets, or delay their unstaking through the platform's SDK.

The recent FCA regulations, designed to limit the marketing of cryptocurrency-related products and services, are a key factor driving this decision. It's noteworthy that even some centralized crypto businesses have opted to leave the UK market, while Binance has temporarily halted new user registrations in the UK in light of the FCA's strict rules.

The geo-restrictions enforced by Marinade Finance, alongside the previous limitations set by Orca Finance, Solana's premier decentralized exchange, underscore the escalating effects of regulatory amendments in the crypto domain. Bybit  and  Huobi Such restrictions are particularly surprising in decentralized protocols, where know-your-customer (KYC) checks are typically not enforced. Marinade Finance's actions and their potential consequences highlight the rising challenges that DeFi platforms face in an increasingly regulated environment.

The UK is also imposing strict regulations on major tech companies. Recently, the media regulator Ofcom urged the Competition and Markets Authority (CMA) to scrutinize the overarching dominance of the UK cloud market held by Amazon and Microsoft. Ofcom's concerns center around the limited options available for UK businesses when choosing cloud service providers, as Amazon Web Services (AWS) and Microsoft commanded an overwhelming 70-80% market share in 2022, leaving Google trailing as a distant competitor with only 5-10%.

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Agne is a journalist focusing on the latest trends and advancements in the metaverse, artificial intelligence, and Web3 sectors for Metaverse Post. Her love for storytelling has driven her to engage in numerous interviews with industry experts, always on the lookout for thrilling and captivating narratives. Agne holds a Bachelor's degree in literature and has a rich background in writing about a diverse array of subjects including travel, art, and culture. Additionally, she has volunteered as an editor for an animal rights organization, helping to shine a light on critical animal welfare issues. She can be contacted at called upon Jupiter DAO Proposes 'Next Two Years: DAO Resolution' Initiative, Targeting Enhanced Independence and Strategic Funding