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Legal regulations in the cryptocurrency markets are now starting to affect decentralized finance (DeFi) protocols as well. It has been announced that Marinade Finance, the largest DeFi protocol running on the Solana 
$152 blockchain network, has started blocking users from the United Kingdom. The United Kingdom, which has taken serious measures in the crypto sector, has already seen platforms such as Binance, PayPal, and Bybit leave.
Marinade Finance’s Decision Draws Attention
Customers living in the United Kingdom noticed the issue when they tried to access Marinade’s website from their local IP addresses on October 23rd and encountered the following message on the official website:
“Due to compliance concerns regarding the rules and regulations published by the Financial Conduct Authority of the United Kingdom, access to this site is not available in the United Kingdom. Users can withdraw liquidity through our SDK, request delayed tickets, or delay payment.”
Marinade Finance constitutes 70% of all locked funds on the Solana blockchain network. At the time of writing, the protocol has over $265 million in total locked value and approximately 75,000 active users.
The United Kingdom and the Crypto Market
In the message shared on Marinade’s website, the laws are not explicitly stated, but the protocol is not the first to exit the British market in recent months. Binance, the world’s largest cryptocurrency exchange, stopped accepting users from the United Kingdom on October 16th, citing certificate issues with its local partner.
Recently, cryptocurrency regulations in developed countries have caused significant problems. Payment giant PayPal gained attention after its steps in the Web3 sector attracted a large audience. However, in September, just like the crypto exchange Bybit, the company terminated crypto services for customers residing in the United Kingdom.
The Financial Conduct Authority (FCA) of the United Kingdom implemented the Financial Promotions (FinProm) regime to promote fair, clean, and transparent advertising in the crypto sector. Following this decision, many companies, including cryptocurrency exchange OKX and payment provider MoonPay, announced their plans to comply with FCA rules.
