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The king of cryptocurrencies has been making higher peaks for days, boosting the confidence of altcoin investors. Weekly gains in most altcoins have reached double digits. However, there are also those who have diverged negatively during this process. The biggest DeFi platform of the Solana ecosystem has disappointed its investors with the news it released today.
Solana News
Solana’s largest decentralized finance (DeFi) protocol, Marinade Finance, made a difficult decision today. We have been referring to statements made by the UK regulator FCA for months. Due to measures taken by the UK Financial Conduct Authority (FCA), Solana’s popular DeFi platform announced that it will restrict access for users in the region.
Marinade is currently the largest DeFi platform in the Solana ecosystem with a Total Value Locked (TVL) of around $248 million. While the cumulative TVL of the Solana ecosystem is $350 million, this figure corresponds to 70% of it.
The UK and Crypto
Institutions such as Orca Finance, Bybit, and Paypal have had to suspend their crypto services in the region. Recently, the Binance exchange has also been added to the list and announced that it will not accept new users. Binance stated that it took this step to avoid potential sanctions during the advertising regulation compliance process.
However, the fact that DeFi platforms are starting to make regional restriction decisions tells us that a new era is beginning. Many DeFi protocols, which are attracting attention with the narrative of decentralized finance, are concerned about the risk of lawsuits because they are not completely decentralized.
In the future, we may see steps being taken to eliminate anonymity in the DeFi field in different parts of the world. In the DeFi regulation supported by SBF and long debated in the US House of Representatives, a Know Your Customer (KYC) requirement was proposed for those using DeFi platforms’ websites. However, it was not desired to impose such a restriction on those interacting with smart contracts.
While regulatory uncertainty in the crypto space is currently affecting centralized exchanges, it will also make itself felt in the DeFi world. Therefore, investors may need to consider all possibilities for long-term DeFi investments. The Marinade (MNDE) price continues its day with a 1% decrease.
