- Marinade Finance has restricted access to UK users.
- The development follows the promulgation of new crypto marketing rules.
- Other crypto companies have also implemented geo-restrictions.
Solana’s largest decentralized finance (DeFi) protocol, Marinade Finance, has joined the list of crypto platforms that have blocked access to UK-based customers following new regulatory developments in the region.
The development comes after the UK Financial Conduct Authority (FCA) rolled out new crypto promotion rules to make crypto asset marketing more accurate and clearer and gave firms up to January 8 to implement transitional changes.
UK Users Unable to Access Marinade Finance
As covered by media outlets, UK-based users can no longer access the Marinade Finance platform from their local IP addresses. Upon launching the protocol’s website, users are ushered with a conspicuous message warning them of the site’s unavailability “due to compliance concerns.”
Sponsored
“Access to this site is unavailable in the United Kingdom due to compliance concerns relating to rules and regulations promulgated by the U.K. Finance Conduct Authority,” the message read.
Although Marinade has restricted users from accessing normal services, the DeFi giant provided some solace to its customers, stating that they could “withdraw liquidity, claim delayed tickets, or delay unstake” via the protocol’s SDK.
Marinade Finance isn’t the only firm to initiate similar actions in light of the new crypto marketing rules in the UK.
Crypto Firms Tread with Caution
While the new FCA guidelines are geared toward curtailing misrepresentation of crypto-related products and services through dubious marketing, the regulations have inadvertently pushed entities back to the drawing board, prompting them to reconsider their operational strategies in the UK.
Sponsored
Solana’s largest decentralized exchange, Orca Finance, has reportedly blocked UK users from accessing its front end. While PayPal and ByBit have already withdrawn from the market, Binance has temporarily suspended new registrations in the UK in response to FCA’s new crypto promotion guidelines.
Stay updated on the less concentrated liquidity pools delisted by Binance Liquid Swap:
Binance Liquid Swap Delists SHIB, DOGE, SOL Pairs: Here’s Why
You might also be interested in learning more about the new AI Solana Tool:
New AI Solana Tool Showcases Future of Blockchain Explorers
