Marinade Finance started blocking customers who belonged to the UK jurisdiction.
Marinade Finance is the largest defi protocol on the Solana network, a highly scalable blockchain network, thanks to its unique layer-2 scaling protocol Proof-of-history (PoH). This Defi protocol is responsible for the majority of the total value locked (TVL) on the Solana blockchain $248 million spread across native and liquid staple products. In short, Marinade Finance contributes more than 70% to TVL for the Solana network.
From reportsMarinade Finance has started blocking all those users who use this protocol from the UK or use UK IP identity based devices.
Blocked users will land on a web page with warning messages where this Solana Defi protocol states that users cannot access the platform and also the existing users can withdraw their liquidity funds, claim delayed tickets or postpone the shutdown via the SDK.
Also, Orca Finance, Solana’s largest defi exchange, has added the United Kingdom to its geoblock list.
These restrictions by the Solana Defi protocols likely came due to the UK Financial Conduct Authority’s (FCA) regulatory actions against the unregistered crypto services to protect citizens.
Following the new FCA rules and laws, centralized crypto companies such as Bybit and Paypal have withdrawn their services from the UK jurisdiction, while high-ranking crypto exchange Binance has temporarily suspended the registration of new users.
The majority of media reports confirmed that people from any jurisdiction can access all Defi protocols despite blocking attempts (by governments and crypto companies) using Virtual Private Network (VPN) services that are available for free to use.
Nowadays, most Defi protocols do not require Know-Your-Customer (KYC) and this allows people to access these platforms using the web and mobile.
The latest development activities of the leading Defi crypto exchanges showed a very big indication that the future of the Defi sector will require every customer KYC verification to ban the bad actors who use cryptocurrencies for their suspicious and illegal activities.
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