BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
SUBSCRIBE
BlockNews.com
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides
No Result
View All Result
BlockNews.com
No Result
View All Result
Home Business

Solana’s Top DEX Orca Restricts Access For American Users

BlockNews Team by BlockNews Team
March 22, 2023
in Business, Crypto, DeFi, Media
Reading Time: 3 mins read
A A
orca.so
1
SHARES
14
VIEWS
Share on TwitterShare on Reddit
  • US-based users will be banned from trading on Orca’s web interface beginning March 31st.
  • Orca said the ban exempts those who trade directly using smart contracts and their ability to provide liquidity.
  • US crypto users await the US treasury report on the illicit use of DeFi platforms compiled by the  Division of Terrorist Financing and Financial Crimes led by  Elizabeth Rosenberg.

The leading decentralized exchange (DEX) on Solana, Orca, has announced that it will ban all users from the United States from using its web interface, Orca.so, for trading as of March 31st. 

You might also like

Alarming Binance Outflows Continue After SEC Charges

Rapid Growth In Defi-Focused Ethereum Liquid Staking Derivatives Platforms Raises Eyebrows

Bitcoin Is Unstoppable, Fiat Cannot Be Fixed, And AI Will Accelerate Its Collapse – Jeff Booth

According to the announcement on the exchange’s official website that was made public on March 16th, the United States will be added to the list of regions and countries which are restricted from using the site. The announcement further clarified that “This will not impact the ability of U.S. users to interact with Orca’s smart contract or SDK directly, nor will it impact their ability to provide liquidity through orca.so.”

The specific reason for the ban has yet to be disclosed. However, community members speculate that it is due to the stringent regulations in the U.S. as interest and talks have increased on Orca’s discord.

Orca is not the first exchange to ban users located in the U.S. To stay out of the way of American regulators, cryptocurrency exchanges that lack U.S. licenses frequently restrict American users. This is common among centralized exchanges, but decentralized ones have hesitated to follow suit, with a few notable exceptions.

One of the DEXs with a ban on US-based users is Aggregator 1inch, which in September 2021 started barring American users after making it clear in its terms of use that Americans were not permitted to access its interface. Additionally, Binance DEX also prohibited U.S. users in June 2019. 

It is difficult for a DEX to completely ban users from a given location because, unlike centralized exchanges, DEXs lack a centralized “back end” or developer-controlled database. As a result, many users have discovered that they can usually get around geographic restrictions by using a VPN to mask their I.P. address or by connecting directly to the blockchain using a developer tool such as Hardhat or Truffle.

Tightening U.S. Regulations

The regulations and crackdowns in the U.S. have escalated in the recent past. Based on information released earlier this month, a revised version of the well-known, bipartisan cryptocurrency law launched last June will be presented to the U.S. Senate in mid-April.

The bill, which concentrated on creating a new legal definition for cryptocurrencies, outlining the responsibilities of regulators, stepping up oversight of stablecoins, and changing cryptocurrency taxation, has yet to be passed.

Additionally, Assistant Secretary Elizabeth Rosenberg of the Treasury Department’s Division of Terrorist Financing and Financial Crimes stated that she was looking into the dangers of fraudulent use of decentralized finance (DeFi). She said:

” I am interested in using DeFi legally. However, fraudsters are always looking for ways to hide their criminal activities and launder criminal proceeds, which also poses a threat to DeFi and the rest of the cryptocurrency ecosystem.”

She added that her team was working on a risk assessment of illicit financial activity in DeFi and would release the evaluation results soon. 

Tags: Crypto ExchangeDeFiDEXOrca.soSolana
TweetShareShare

Recommended For You

Alarming Binance Outflows Continue After SEC Charges

by BlockNews Team
June 8, 2023
0
Binance-Logo-on-Phone

Binance outflows on Ethereum reach nearly $800 million Binance stablecoin reserves maintain stability. Following the lawsuit filed by the SEC against Binance and its CEO CZ, investors have withdrawn approximately $790 million from...

Read more

Rapid Growth In Defi-Focused Ethereum Liquid Staking Derivatives Platforms Raises Eyebrows

by BlockNews Team
June 8, 2023
0
defi liquid staking

Tokens known as liquid staking derivatives (LSD) may increase Ethereum network activity and fuel the current bull market. DeFi protocols' gas usage has dropped from 34% in 2020...

Read more

Bitcoin Is Unstoppable, Fiat Cannot Be Fixed, And AI Will Accelerate Its Collapse – Jeff Booth

by BlockNews Team
June 8, 2023
0
Bitcoin

While the rise of AI speeds up the downfall of the defective fiat system, Bitcoin offers a safe alternative by being able to manage currency devaluation and mounting...

Read more

Binance vs. SEC: Crypto industry debates ‘Tai Chi’ vs. ‘Operation Chokepoint 2.0’

by BlockNews Team
June 8, 2023
0
SEC-Warns

The SEC has been doing a Crypto Crack down which is affected many crypto entities operating in the U.S The SEC lawsuit comes just months after the CFTC...

Read more

AI-Powered Platform, Walbi to Launch MVP, to Improve Decision Making for Crypto Traders

by BlockNews Team
June 8, 2023
0
walbi

Walbi has developed an AI-driven solution to assist traders in making data-driven decisions and potentially increase profitability. The solution includes features such as an AI-based trading assistant, an...

Read more
Next Post
xrp

Ripple-SEC Case: XRP Price Turns Bullish As Coinbase Hints At Relisting

Related News

testtt

May 3, 2022
alameda research

Alameda Had ‘Secret Exemption’ From FTX Liquidation Procedures

November 22, 2022
Crypto-up-in-China

Crypto Prices Dump After China Lockdown

November 29, 2022

Browse by Category

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized
BlockNews.com

BlockNews.com brings you the most important Crypto and NFT news in the space.

CATEGORIES

  • Breaking News
  • Business
  • Crypto
  • DeFi
  • Finance
  • Gaming
  • Guides
  • Investing
  • Media
  • Metaverse
  • NFT
  • Opinion
  • Politics
  • Social
  • Technology
  • Uncategorized

RECENT POSTS

  • Alarming Binance Outflows Continue After SEC Charges June 8, 2023
  • Rapid Growth In Defi-Focused Ethereum Liquid Staking Derivatives Platforms Raises Eyebrows June 8, 2023
  • Bitcoin Is Unstoppable, Fiat Cannot Be Fixed, And AI Will Accelerate Its Collapse – Jeff Booth June 8, 2023

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

No Result
View All Result
  • Home
  • Crypto
  • NFT
  • Metaverse
  • DeFi
  • Business
  • Technology
  • Opinion
  • Guides

© 2022 BlockNews.com - Crypto and NFT news website by JRNY Club.

Are you sure want to unlock this post?
Unlock left : 0
Are you sure want to cancel subscription?